Berkshire Hathaway declines to raise its Oncor offer

Berkshire Hathaway declines to raise its Oncor offer

Warren Buffett-led Berkshire Hathaway’s energy division declared on Wednesday that it would not increase its offer price for Oncor Electric Delivery Company LLC.

Berkshire Hathaway Energy chairman Greg Abel and Berkshire Hathaway Inc. chairman Warren Buffett stressed yesterday that they stood “firm no” at their $9 billion offer for acquiring 80 per cent of Oncor and would not increase their offer.

Abel added in a statement, “We’re committed to being an exceptional long-term partner in Texas and our simple, straightforward deal is good for Oncor, its customers and the state.”

Abel and Buffett declined to increase their offer even as Elliott Management Corp, the biggest creditor of Oncor’s bankrupt parent firm Energy Future Holdings Corp, has tried to best their offer for the utility with a $9.3 billion proposal.

Including debt, Elliott Management Corp.’s recently announced offer values the Texas utility at $18.5 billion, slightly above Berkshire Hathaway’s $18.1 billion valuation.

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