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Elliott Tries a Texas Charm Offensive to Outdo Berkshire's Oncor Bid

  • Elliott working to prepare rival takeover bid for Oncor
  • Elliott must still gain approval from Texas utility regulators
Photographer: Chris Ratcliffe/Bloomberg
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While Elliott Management Corp. tries to cobble together enough money to beat Berkshire Hathaway Inc.’s $9 billion bid to buy one of America’s largest transmission operators, it has another problem to deal with: the state of Texas.

The New York hedge fund run by billionaire Paul Singer is trying to convince Texas stakeholders that its deal to buy their biggest power distributor, Oncor Electric Delivery Co., will be superior to Berkshire’s. Representatives of Elliott have spent a week and a half in Texas meeting with groups including the state utility commission, people familiar with the situation said, asking not to be identified because the meetings aren’t public.