Deals
Elliott Is Exploring a Rival Bid for Oncor, Reuters Reports
- Elliott is said to be exploring bid rivaling Berkshire’s
- Unsecured creditors get ‘raw deal’ in Berkshire offer: analyst
This article is for subscribers only.
Berkshire Hathaway Inc. may face a challenge from bondholders led by Elliott Management Corp. to its $9 billion all-cash deal for Texas utility Oncor Electric Delivery Co.
Billionaire investor Paul Singer’s Elliott, the biggest creditor of Oncor’s bankrupt parent Energy Future Holdings Corp., may seek to put together a rival bid, according to a person with knowledge of the matter. The hedge fund is considering joining with some existing creditors and other strategic infrastructure funds for a counteroffer. Elliott’s plan may entail converting debt in the company to equity, said the person, who asked not to be identified because the discussions are private.