6 Aug 2010

Takeover bid costs rise for Horizon Energy

6:09 am on 6 August 2010

Horizon Energy says costs and legal disputes arising from an unsolicited takeover bid by Marlborough Lines has so far cost it $800,000.

Chairman Rob Tait told the company's annual meeting that frustration over costs and erosion of management time associated with Marlborough's action could have been avoided if it had simply asked the Eastern Bay Energy Trust if it was willing to sell its shares.

The Trust is Horizon's largest shareholder. It has a 77% stake in Horizon, and has urged smaller shareholders not to sell to Marlborough.