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Berkshire says it will not increase its Oncor buyout offer – Berkshire Hathaway Inc (NYSE:BRK.A)

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Berkshire Hathaway (BRK.A, BRK.B) says it will not raise its $9B-plus offer to acquire power transmission business Oncor.

Elliott Management, which already owned a major position in the biggest block of debt of bankrupt Oncor parent Energy Future Holdings, has bought a slice of a different class of debt that would ensure the hedge fund’s ability to block Berkshire’s deal, WSJ reported earlier tonight.

Energy Future is due in court on Monday to seek approval to commit to selling Oncor to BRK; the deal includes a $270M breakup fee, which has raised objections for Elliott, which has asked the court to reject BRK’s deal.

In a court filing today, BRK’s lawyers said Elliott has shown no proof it has committed financing for an alternative deal.



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