Eastern Bay Energy Trust has quashed Marlborough Lines' partial takeover bid of electricty distributor Horizon Energy.
In a statement issued today, trust chairman David Bulley said it had decided to reject the offer after an in-depth review of its investment in Whakatane-based, NZX-listed Horizon (HED) and alternative options.
As the majority shareholder with 77.29%, the trust would need to sell part of its stake to Marlborough Lines offer for 51% of company shares.
Electricity distributor Horizon Energy Distribution Limited says profits will be up to around $6 million in 2010 thanks in part to a cold winter this year.
Whakatane-based Horizon, (HED) 77% owned by the Eastern Bay of Plenty Energy Trust, posted an upgraded after tax profit forecast on the NZX of $6 million to the year ended March 2010.