A new bidder has emerged with a $9.3 billion offer for power-transmission company Oncor that could wrest it from a deal with Warren Buffett's Berkshire Hathaway Inc., according to people familiar with the matter.
The bidder's existence emerged in a late-scheduled court hearing on Friday, but the identity wasn't revealed, the people said. It was referred to as a large strategic company, the people said. The information came out as hedge fund Elliott Management Corp. was attempting to learn more about the bid in its efforts to block the Berkshire deal, the people said.
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A new offer would be the latest twist in the long-running saga of the fate of Energy Future Holdings Corp., the former TXU, which owns Oncor and has been in bankruptcy. Elliott is its largest creditor and was trying to organize its own restructuring.
Elliott is seeking to depose executives of Energy Future over the new bid, raising concerns the company could block a higher offer to push through Berkshire's deal, the people said.
Mr. Buffett's Berkshire had struck a deal to buy Oncor in a $9 billion deal last month. Elliott had sought to challenge Berkshire's deal by cobbling together one of its own, although the details of where that bid stands are unclear.
After months of amassing debt of Energy Future Holdings Corp., Elliott bought a strategic slice of notes that would ensure its ability to block the deal, people familiar with the matter said.
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(END) Dow Jones Newswires
August 18, 2017 15:04 ET (19:04 GMT)