Mystery third bidder said to challenge Buffett, Singer over Texas power company


Ron T. Ennis | The Fort Worth Star-Telegram | AP

A shift supervisor checks levels in the Oncor Mountain Creek control room which handles their entire grid for Texas in southwest Dallas.

Warren Buffett likes to buy companies without any competition, but he has found himself in the middle of a fight for the hottest power company in Texas.

A mystery third bidder has emerged for Energy Future Holding’s Oncor, Dow Jones reported on Friday, citing comments picked up at a court hearing. The new bidder is offering $9.3 billion, Dow Jones reported, citing an unnamed source.

Buffett’s Berkshire Hathaway has an all-cash offer on the table for $9 billion and has been battling for Oncor with fellow billionaire Paul Singer’s Elliott Management, which is Energy Future Holdings’ largest creditor. Last month, Elliott said it was trying to put together a group to offer $9.3 billion for the Texas-based power transmission company. It hired the deal advisory firm Moelis to help put the bid together.

In July, U.S. bankruptcy court judge in Delaware pushed back a hearing on the approval of the Berkshire offer, giving Elliott more time to solidify its bid. The hearing is now scheduled for Monday.

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