The Takeovers Panel is looking into allegations against various parties involved in Marlborough Lines' takeover bid for Horizon Energy.

The panel's received a formal request from Marlborough Lines to convene a meeting regarding a possible breach of the Takeovers Code.

The allegations relate to rule 64 of the Code, which prohibits misleading or deceptive conduct relating to regulated transactions.

One of the allegations suggests Horizon and its directors may have contravened the rule by issuing a revised profit outlook in September if they had no reason to do so.

The profit upgrade came the day after the takeover bid was lodged.

Marlborough Lines also alleges Horizon's $3.96 to $4.68-a-share valuation did not reflect the full value of Horizon, if they had no reasonable basis for making that statement.

The panel meets on Friday and again next Tuesday to decide whether it'll act.