The board of listed Horizon Energy is warning shareholders that it does not endorse a conditional offer from Zero Commission NZ to shareholders to buy Horizon shares for $3.07 per share.

Horizon Energy has expressed its frustration at an expensive takeover dispute with Marlborough Lines.

Marlborough will take the Takeovers Panel and Horizon Energy to the High Court today to try and overturn costs awarded against it after a failed 51% takeover bid in September 2009.

The bid was blocked by 77.3% shareholder Eastern Bay Energy Trust, which has indicated it would like to move to 100% ownership to ensure local control.

The Horizon Energy board has registered surprise at Marlborough Lines chairman David Dew's comments in NBR earlier this week relating to a Takeovers Panel decision to award costs against Marlborough which he dubbed "absolutely bizarre."

Horizon Energy chief executive Mr Ajay Anand said in a press release today that Horizon Energy had "moved on” from Takeovers Panel rulings in May this year.

Marlborough Lines is taking the Takeovers Panel and Horizon Energy to the High Court to try and overturn costs awarded against it after last September’s failed takeover bid.

Marlborough Lines chair David Dew told NBR that he found the Takeovers Panel decision to award costs against Marlborough “absolutely bizarre.”