Mega-billionaire Elon Musk, after trying for three months to exit his $44 billion deal to buy Twitter, is now frustrated that Twitter isn’t calling off its lawsuit seeking to force him to clo…
, is now frustrated that Twitter isn’t calling off its lawsuit seeking to force him to close the deal.
Lawyers representing Musk, in a filing Thursday with the Delaware Court of Chancery, requested that the trial, slated to commence Oct. 17, be suspended while he works out a deal to finalize the required debt financing to swing the acquisition. Musk expects that to happen by Oct. 28, per the court filing.he would proceed with his original $54.20/share offer for the company
, valued at $44 billion, after he previously claimed on three occasions that he was justified in walking away from the agreement because Twitter violated the merger terms. Attorneys for Twitter have argued that Musk simply didn’t want to pay what he originally promised because his net worth declined with a drop in Tesla’s stock price.
Musk’s legal team wrote in Thursday’s court filing, “Twitter will not take yes for an answer. Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests. Proceeding toward trial is not only an enormous waste of party and judicial resources, it will undermine the ability of the parties to close the transaction.”, “We received the letter from the Musk parties which they have filed with the SEC.
Per the Musk filing with the Delaware court, “Instead of allowing the parties to turn their focus to securing the debt financing necessary to consummate the transaction and preparing for a transition of the business, the parties will instead remain distracted by completing discovery and an unnecessary trial.”
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