|Bid||219,865.00 x 100|
|Ask||224,735.00 x 100|
|Day's range||221,669.95 - 221,669.95|
|52-week range||193,450.00 - 251,980.00|
|PE ratio (TTM)||N/A|
|Dividend & yield||N/A (N/A)|
|1y target est||N/A|
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 ...
A U.S. bankruptcy judge on Wednesday gave Elliott Management Corp 11 more days to formalize its plans to bid on Oncor Electric Delivery Co before the court approves the $9 billion offer for the utility from Berkshire Hathaway Inc. Judge Christopher Sontchi of the Delaware bankruptcy court pushed back the hearing for the approval of Berkshire's merger agreement with Oncor, which carries a $270 million termination fee should it fall through, to Aug. 21 from Aug. 10. Elliott, the largest creditor of Oncor's bankrupt parent Energy Future Holdings Corp, said it needed more time to finalize the financing for its $9.3 billion offer, after securing about $1.4 billion in new equity for its bid so far.
Warren Buffett's Berkshire Hathaway Inc (BRKa.N) will walk away from its $9 billion acquisition of Oncor Electric Delivery Co if the deal is delayed, an attorney for the parent company of Texas' largest utility told a bankruptcy judge on Wednesday. Energy Future Holdings Corp, the bankrupt owner of Oncor, disclosed Berkshire Hathaway's warning as the judge considers a request by the utility's biggest creditor, hedge fund Elliott Management Corp, to hold up the deal with Buffett so it can put together its own $9.3 billion bid for Oncor. Berkshire Hathaway "may not go away forever, but they have told us and we have no reason to doubt them, that they will go away," Energy Future's lawyer Chad Husnick told U.S. Bankruptcy Court Judge Christopher Sontchi at a hearing in Wilmington, Delaware.