Twitter on Musk deal: slow-walking the $44 billion acquisition
- Twitter sued Elon Musk when he terminated the $44 billion deal on July 11
- The social media company is requesting an expedited trial in September
- Musk's lawyers have accused Twitter of trying to 'shroud the truth about spam accounts'
Twitter accused Elon Musk of trying to “slow walk” the lawsuit the company had filed against him in a bid to get him to uphold his $44 billion takeover. The company continues to push for a fast-track September trial so that the deal financing remains in place, according to a court filing.
In the filing, it wrote, “Millions of Twitter shares trade daily under a cloud of Musk-created doubt. No public company of this size and scale has ever had to bear these uncertainties.”
Since Musk terminated the deal and the social media company sued the billionaire, Twitter has been hoping that the Delaware Court of Chancery will compel him to complete the deal for the agreed price of $54.20 per share.
According to Twitter, even if Musk is ordered to close the deal in the expedited September trial, it would still take months for the company to close debt financing, which will expire in April 2023. To that end, Twitter is requesting that Chancellor Kathaleen McCormick deny Musk’s proposal to hold the trial in February.
In papers filed with the Delaware Court of Chancery, Musk’s lawyers argued that Twitter’s insistence on rushing the merger to trial in September was an “unjustifiable request” and should be denied. They went on to say that Twitter’s request was an attempt to “shroud the truth about spam accounts” for long enough to ensure that Musk has to close the matter.
Chancellor McCormick will hear the arguments planned by the lawyers of both sides on Tuesday. According to a report from the New York Post, Musk’s lawyers are planning to countersue Twitter in a bid to gain more information about the reality of spam accounts on the social media platform.
Since the deal was announced, Twitter’s share prices have taken a nose dive from their value at $51.7 to their current price of $38.41 at the close of markets on Monday.
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