Musk lawyers say Twitter is spurning new bid for company





NEW YORK (AP) - Elon Musk's lawyers said Thursday that Twitter is refusing to accept the Tesla billionaire's renewed $44 billion bid for the social media company and are asking a Delaware court to halt an upcoming trial.

Musk made a renewed offer to take over the social media platform earlier this week, hoping to end a protracted legal dispute that began when Musk tried to back out of the April deal and Twitter sued.

Representatives for Twitter did not immediately respond to messages for comment.

Twitter said earlier this week that it intends to close the deal at the agreed-upon price, but the two sides are still booked for an Oct. 17 trial in Delaware over Musk's earlier attempts to terminate the deal. On Wednesday, the judge presiding over the case said she will continue to press on toward the trial because, at the time, neither side had formally moved to stop it.

Musk's attorneys said the trial should be adjourned to leave more time for Musk to secure the financing.

"Twitter will not take yes for an answer," said the court filing signed by Musk attorney Edward Micheletti. "Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders' interests."

Since Twitter sued Musk to force him to complete the purchase after he tried to back out four months ago, it is unlikely the San Francisco-based company - whose shareholders have voted to approve the deal - will walk away from the agreement.

Rather, it's likely Twitter is seeking assurances from Musk's side that this time he's serious and won't walk away again.

Eric Talley, a Columbia University law professor, tweeted Thursday that Twitter "is absolutely right not to take 'yes' for an answer, and everyone knows why. (They tried that in April and it didn't go so well)." He added that Twitter would, however, take a "certified bank transfer" from Musk.

Musk attorneys argue that Twitter is disagreeing with the trial delay "based on the theoretical possibility" of Musk not coming up with the financing, which they call "baseless speculation."

They said Musk's financial backers "have indicated that they are prepared to honor their commitments" and are working to close the deal by Oct. 28, roughly a week after the trial was set to conclude.

Twitter's shares fell $1.91, or 3.7%, to close at $49.39 on Thursday. It was the stock's second day of declines following a surge of more than 22% on Tuesday after Musk made his renewed offer to buy the company.

COMMENTS

More Related News

GOP Officials Said Twitter
GOP Officials Said Twitter's Hunter Biden Ban Wasn't Corrupt

Photo Illustration by Thomas Levinson/The Daily Beast/Getty/FECPay Dirt is a weekly foray into the pigpen of political funding. Subscribe here to get it in...

The strange backstory of Twitter, Hunter Biden and Elon Musk
The strange backstory of Twitter, Hunter Biden and Elon Musk's latest stunt

Why Twitter was saving its Hunter Biden files - and why Musk's promised revelations haven't come out faster.

Musk taps Tesla
Musk taps Tesla's China chief to run Texas gigafactory - Bloomberg News

Zhu, who joined Tesla in 2014 and is heading Tesla's Asia Pacific operations, is in Austin this week. Giga Texas, which opened earlier this year, makes the ...

Musk
Musk's bankers mull new Tesla margin loans to slash Twitter debt - Bloomberg News
  • US
  • 2022-12-08 04:21:31Z

The margin loans are one of the options that the Morgan Stanley-led bank group and Musk's advisers have discussed to ease the $13 billion debt Twitter took...

Elon Musk turns Twitter into
Elon Musk turns Twitter into 'hotel' for staff

One photo shows a double room with wardrobe and slippers, as Elon Musk seeks to instil a "hardcore" work culture.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Latin America