Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share, potentially avoiding a courtroom fight over one of the most contentious acquisitions in recent history.
Elon Musk revived his bid for Twitter Inc. at the original offer price of US$54.20 a share, potentially avoiding a courtroom fight over one of the most contentious acquisitions in recent history.
Musk’s offer to match the original deal terms means Twitter is facing a future under the leadership of a mercurial billionaire who has spent months publicly criticizing its management, questioning its value and changing his mind. It also means that his contested claims -- that Twitter was lying about which percentage of users were bots, for instance -- are not likely to be scrutinized in a courtroom.
Musk formally quit the accord in July and Twitter sued him in Delaware Chancery Court to force him to go forward with the purchase. A trial is scheduled to begin Oct. 17. The judge in Delaware on Tuesday asked both sides to come back to her with a proposal on how the case can now proceed. The options include having Twitter seek to dismiss the case or have her continue to retain jurisdiction until the deal closes, said a person familiar with the matter.
Musk’s legal team was getting the sense that the case was not going well, as Judge Kathaleen St. J. McCormick sided repeatedly with Twitter in pretrial rulings, according to one person familiar. Even with the late emergence of a Twitter whistleblower who alleged executives weren’t forthcoming on security and bot issues, there were concerns Musk’s side would not be able to prove a material adverse effect, the legal standard required to exit the contract.
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