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

Key Points
  • Berkshire Hathaway has an all-cash $9 billion deal on the table and Elliott Management has been trying to put together a $9.3 billion bid.
  • Mystery bidder said to be offering $9.3 billion.
A shift supervisor checks levels in the Oncor Mountain Creek control room which handles their entire grid for Texas in southwest Dallas.
Ron T. Ennis | The Fort Worth Star-Telegram | AP

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, 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.

WATCH: Sources say Elliot Management hires Moelis for $9.3B Oncor bid
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Elliott Management hires Moelis for $9.3 billion Oncor bid: Sources