Elon Musk agreed to buy Twitter in April, then later moved to get out of the deal, triggering litigation!
But the Delaware judge overseeing a trial over the stalled deal said if the takeover isn’t completed by Friday, the litigation will resume
Tweet on Elon v Twitter saga
— The_Journalbiz (@the_journalbiz) October 25, 2022
WSJ reports that Friday may be the final day to close a deal or litigation for Elon
Musk’s bid to buy Twitter could come to a close this week with a deadline looming for the parties to complete the $44 billion takeover.
The judge overseeing the legal fight in Delaware, said if the deal doesn’t close by 5 p.m. ET Friday, the parties should contact her to schedule a November trial
If Mr. Musk doesn’t close the deal by the deadline, the litigation would resume, said Eric Talley, a professor at Columbia Law School. And, if Mr. Musk tried to close the deal a few days later, he would have to get the judge’s permission—again—to pause the case.
As a reminder,
Elon Musk agreed to buy Twitter in April for $44 billion. He than later moved to get out of the deal, saying, among many other things that Twitter had misrepresented the number of spam and fake accounts on its platform, which Twitter denied.
Twitter sued him over the summer, and he counter-sued
Earlier this month, the billionaire offered to close his acquisition at the original price of $54.20 a share, a sudden and unexpected reversal two weeks before a high-stakes, nonjury trial was set to start over the stalled deal