Judge Beetlestone agreed that NextEra plausibly alleged that its efforts in drafting the merger agreement and the chapter 11 plan, settling creditor objections to the proposed merger, and "proving to future bidders that [EFH's] interest would necessarily have the [ring fence] attached saved [EFH] from reinventing the wheel even after the deal with NextEra fell through." Id. at 745. Even though the Sempra merger involved a substantially lower price, the Sempra bid "was for Oncor with the undesirable ring fence intact and was, therefore, a bid on a different bag of goods." Id. at 744. Moreover, NextEra's unsuccessful efforts toward consummating the merger without the ring fence "provided future bidders with the necessary information to place informed bids, with the understanding that the ring fence would remain." Id. at 745.