Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
So what: Berkshire's MidAmerican subsidiary has made the offer to purchase NV Energy for $23.75 per share, and both board have approved the deal. If all goes well, it is expected to close in the first quarter of next year.
Now what: This is the latest major move into energy for Berkshire Hathaway as Warren Buffett looks to add consistent cash flow from the utility business. The move adds 2.4 million electric customers to the company and natural gas services to 145,000 people. Shares are trading within $0.10 of the offer price, and Berkshire isn't one to get into a bidding war, so I think now is a great time to sell NV Energy and cash out on today's pop.
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