Berkshire Hathaway Inc.’s bid for Oncor Electric Delivery Co. is about $300 million less than what Elliott Management Corp. wants, as the two investors fight over the value of the Texas-based power company, Bloomberg News reported yesterday. Berkshire’s agreement to buy the utility values it at $18.2 billion to $18.25 billion, Oncor Chief Executive Officer Robert Shapard said yesterday. Activist investor Elliott Management Corp. is unhappy with the terms of the deal and is proposing a restructuring that values the Texas utility at $18.5 billion, according to a letter it released yesterday. Suitors have been lining up for a chance to buy Oncor since 2014, when its parent Energy Future Holdings Corp. filed for chapter 11 protection. Berkshire must still gain the approval of Texas regulators who’ve already rebuffed two prior attempts to buy the utility by NextEra Energy Inc. and Hunt Consolidated Inc. Read more.
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