Oncor Suitor States Intent, Concern While Berkshire Hathaway Offer Considered
Oncor says formal consideration of Warren Buffett's offer is several steps away, but alternative offer from Elliott may emerge quickly
A publicized Berkshire Hathaway offer to buy Texas' largest electricity distributor is in the works and so far is the only deal being considered by the board of directors of Dallas-based Oncor Electric Delivery Company LLC.
The board met Friday and while as a private board its outcome is not made public, it likely considered recommending to its parent company a previously-announced $9 billion offer from Warren Buffett's Berkshire Hathaway Energy to buy Oncor out of bankruptcy court.
But whatever the board's desire, it first has to be okayed by the parent company Energy Future Holdings, and then would have to seek approval from bankruptcy court before the deal can go forward.