Top of the Morning
Elliott Management said it is putting together a superior offer to Berkshire Hathaway Energy's $18 billion bid for the bankrupt parent company of electric grid giant Oncor, of which Elliott is the largest creditor.
- Why it's the BFD: Oncor is the largest electric utility in Texas, and one of the country's largest power transmission companies. Plus, the spectacle of Paul Singer vs. Warren Buffett (getcha popcorn ready).
- Bottom line: "The offer... would be a rare challenge to Buffett, who avoids auctions for companies and has told his investors he does not like to participate in bidding wars. But even without a competing bid, Buffett's deal faces a difficult road securing the approval of a bankruptcy court judge without Elliott supporting it." – Jessica DiNapoli, Reuters
Venture Capital Deals
Private Equity Deals
🚑 Sanofi (Paris: SAN) has agreed to acquire Protein Sciences, a Meriden, Conn.-based vaccines developer. The deal includes a $600 million upfront payment and up to $100 million in earn-outs. Sellers include Pacific Rim Ventures and Ropart Asset Mangement. http://reut.rs/2u8CYh6