Berkshire Hathaway Inc (BRK.A)

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$BRK.A Elliott confirms it is considering bid for Oncor, challenging Berkshire

Elliott Management confirms it is putting together an offer for Oncor that values the Texas utility at ~$18.5B, including debt, challenging Berkshire Hathaway's (BRK.A, BRK.B) offer last Friday that values the company at ~$18.1B.

In a letter dated July 5 and released today, Elliott says it would support a deal with Berkshire or a third party if those bids exceeded the value it proposes but "we fear that the Berkshire transaction does not provide such value."

Elliott also says any deal for Oncor other than one led by creditors would increase regulatory risks; Elliott is the largest creditor of Oncor's bankrupt parent Energy Future Holdings.