Elon Musk sent a letter to Twitter Inc. on Monday seeking to revive his bid for the company at the original offer price of $54.20 a share, provided that the Delaware Chancery Court “enter an immediate stay” of Twitter’s lawsuit against him and adjourn the trial scheduled to begin in two weeks, according to a filing with the Securities and Exchange Commission (SEC). Twitter in a statement on Tuesday said that the company intends to close the transaction at the offer price.
According to reports we are hearing, Musk’s legal team sensed the judge was liberal and would not rule in favor of Musk’s ability to get out of the deal, therefore Musk is now set to move on and buy Twitter, Inc.
The proposal likely will eliminate the need for court trial this month as well.
Musk made the offer to Twitter in a letter, which the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission. The offer comes just two weeks before Twitter’s lawsuit seeking to force must to go through with the deal goes to trial in Delaware Chancery Court.
This is a developing story, we’ll keep you posted.
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