Marlborough Lines is considering making a complaint to the stock exchange about what it says is a surprise increase in Horizon Energy Distribution's forecast profits.
Horizon chairman Rob Tait rejected Marlborough Lines' partial takeover bid, saying the $3.96 offered per share was too low after the lines company revising its earnings and profit projections.
Marlborough Lines managing director Ken Forrest is sceptical Horizon will meet its new profit expectations, which he says should have been disclosed to the market earlier under NZX rules.
He says not enough information has been released to substantiate the increase in forecast profit from $4.5 million to $6 million.
The key to the success of the offer lies in the hands of the Eastern Bay Energy Trust, which owns just over 77% of Horizon. Trust chairman David Bulley says it will make a decision in the coming week.