Paul Singer's activist hedge fund Elliott Management has openly opposed an $18bn bid from Warren Buffett's Berkshire Hathaway for control of Texas utility firm Oncor.
Elliott, the largest creditor of Oncor's bankrupt parent company, Energy Future Holdings, said the deal Berkshire agreed last week failed to maximise creditors' interests and that it was ready to launch a rival bid worth $18.5bn. Alliance Trust offers to buy back entire stake from activist Elliott Singer's firm disclosed a series of documents on Monday outlining its commitment to a counter proposal, which would see Elliott convert its debt into equity and inject fresh cash into EFH through a third party partnership, giving it control of Oncor. "While we are entirely supportive of a...
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