Marlborough Lines has offered $50 million for a majority stake in fellow energy lines company Horizon Energy Distribution.
The community-owned energy company is offering $3.96 a share for 51% of Horizon, a 34% premium on its closing share price on Monday.
The offer values Horizon at $99 million.
Eastern Bay Energy Trust, which owns 77% of Horizon Energy, says it has not made a decision on whether to take up the offer.
Marlborough Lines has a 51% stake in the network joint venture OtagoNet and owns half of Nelson Electricity.
