Musk seeks to stop the October 17 trial to close the deal on Twitter on agreed terms

Elon Musk’s Twitter profile is seen on an Apple iPhone mobile phone.

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Three days later Elon Musk said he wants to go back to the original deal to buy Twitter at $54.20 a share, Tesla The CEO is asking the social media company to end all litigation to close the deal.

In a filing with Delaware’s Premier Court on Thursday, Musk’s side said Twitter should push back its scheduled October 17 court date, so that the necessary funding can be assembled to complete the project. Completed the acquisition on October 28.

“Twitter will not accept yes,” the filing said. “Incredibly, they have insisted on continuing this litigation, recklessly putting the deal at risk and gambling with the interests of their shareholders.”

Musk’s lawyers allege that because Twitter has not agreed to put its litigation aside, the upcoming trial will “hinder the settlement from progressing.”

“Instead of allowing the parties to focus on securing the Debt Financing needed to complete the transaction and prepare for the business transition, the parties will instead remain distracted by completing the transaction.” discovery and an unnecessary trial,” the lawyers wrote.

Twitter to sue In July, Musk tried to force the world’s richest man to abide by his purchase agreement, signed in April. Musk seems ready to take the case to court, as his legion. message has been released in preliminary filings.

While Twitter shareholders, as suggested by the company, agreed Given Musk’s purchase price in September, Twitter may now be reluctant to deny its lawsuit without being certain that all the financing is available to close the deal.

Musk’s attorneys said that “by far the most likely debt is to be financed in the event that the deal closes on or around October 28,” although they did not elaborate on how exactly the payment will be made. debt will be financed. The lawyers added that “advocates for debt financers have advised that each of their clients should be prepared to fulfill their obligations under the Bank’s Debt Commitment on terms and to abide by conditions set forth therein.”

Morgan Stanley and Bank of America was among the banks that initially agreed to provide $12.5 billion in debt to Musk. Since then, the market has gone down, especially for risky tech assets.

Earlier this week, Twitter acknowledged that it had received letters from Musk and his lawyers in which they expressed Their wish is to buy Twitter at the initial deal price. Twitter said in a response to the letter that “The Company’s intention is to close the trade at $54.20 per share.”

However, Twitter did not say whether it would end the lawsuit against Musk.


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