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Twitter denies refusing Elon Musk’s renewed bid
- Twitter denied Musk's claims that they are rejecting the renewed acquisition offer
- Twitter has said it intends to complete the merger at the agreed-upon price
- Twitter said Musk's decision to extend the trial was 'an invitation to further mischief and delay'
Twitter denied Elon Musk’s claim that the microblogging site is rejecting the most recent offer, which Musk made known to the company earlier this week after making an attempt to terminate the contract over the summer.
The company has said it intends to complete the merger at the agreed-upon price and has asked the court for an order compelling it to do so. Musk’s decision to extend the trial was referred to as “an invitation to further mischief and delay” in the statement.
Also read: Twitter refusing renewed $44 billion bid: Elon Musk lawyers
Twitter claims that Elon Musk has failed to uphold the “contractual obligations” of his April agreement to pay $44 billion for the social media company and has requested the Delaware Chancery Court to enable a trial against him to proceed.
Twitter lawyers sent a letter to the top judge of the Delaware Chancery Court on Thursday, shortly after Musk’s legal team asked that the trial be delayed while he develops a fresh bid to buy the company.
Also read: Elon Musk has until October 28 to close Twitter deal: Court
Musk should try to complete the sale by Monday in order to avoid the trial’s scheduled October 17 opening.
“But they aren’t. Instead they refuse to commit to any closing date,” an attorney for Twitter, Kevin Shannon, wrote in the letter. “They ask for an open-ended out, at the expense of Twitter’s stockholders (who are owed $44 billion plus interest), all the while remaining free to change their minds again or to invent new grounds to avoid the contract,” the lawsuit reads.
Also read: Buying Twitter is an accelerant to creating X, the everything app: Elon Musk
According to Delaware Chancery Court Chancellor Kathaleen St. Jude McCormick, who issued the announcement on Thursday, Musk has until October 28 to finalise the transaction. She warned that if he didn’t, the October 17 trial would instead be held in November.
Professor Andrew Jennings of Brooklyn Law School stated that Twitter wants to ensure that the transaction will go through and prevent “wiggle room for Musk to walk away again.”
Twitter does not believe to have the security it seeks.
Also read: Elon Musk announces X the everything app: What is it
“Otherwise,” according to Jennings, ” we would’ve seen a joint filing to the court on how the two sides want to proceed. As of right now, the trial train keeps rolling until both parties or the court apply the brakes.”
Musk’s legal counsel recommended on Thursday that the trial be postponed early to give Musk additional time to secure the funding.
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