In a letter to Twitter, billionaire Elon Musk said that he will proceed to buy Twitter again on the original terms, postpone the settlement of the loan for the deal and provided that the Delaware Premier Court holds litigation proceedings against Mr. Musk’s initial attempt to withdraw from the agreement and adjourn an upcoming trial in the dispute.
A Twitter spokesperson said in a statement to CNN that the company received Musk’s letter and reiterated earlier statements that “the company’s intention is to close the transaction at $54.20 per share” promissory note”. Musk’s representatives did not immediately respond to a request for comment.
Billionaire Elon Musk. (Photo: AP)
News of the above letter was first reported by Bloomberg on October 4. Twitter stock (TWTR) has been paused twice, the second time because of pending news. After the stock resumed trading, it rallied more than 20%, reaching $51 per share and reaching the agreed price for the first time in months.
However, Twitter may not want to pause Musk’s proposed lawsuit until the settlement is formally closed, according to Columbia Law School professor Eric Talley. Twitter may want to continue the litigation process while negotiating with Musk, in the event that its offer to close the acquisition fails.
Source: Vietnam Insider