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Elon Musk Terminates Deal To Buy Twitter, Board To Pursue Legal Action

Posted by EU Times on Jul 9th, 2022 // No Comment

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Twitter’s Board of Directors said on Friday that they intend to close the transaction with Musk at $54.20 per share, and that they plan to pursue legal action to enforce the agreement, Twitter chairman of the board Bret Taylor tweeted following the news, adding that the board is “confident it will prevail in Delaware Court of Cancery.”

Musk’s filing won’t be the end of this, but it does mark the conclusion of high-stakes suspense over whether he would complete the deal, after a public spat with the company over the number of bots on the platform.

In recent weeks the company said that it had been sharing information with Musk in order to consummate the deal as laid out in the merger agreement, and reiterated their intention to close the transaction and enforce the agreement, the Wall Street Journal reports.

There are no guarantees Mr. Musk will be able to walk away from the deal entirely, as Twitter is expected to challenge his legal arguments. Deal clashes often end in negotiated settlements that can include a price cut or one-time payments.

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.

— Bret Taylor (@btaylor) July 8, 2022

Mr. Musk’s lawyer cited concerns over Twitter’s estimates about how many of its daily users are fake or spam accounts as an issue Mr. Musk raised as a concern about the deal almost three weeks after he signed it.

Discovery should be fun…

Many were wondering how the Musk-Twitter takeover saga ends, or rather, who will be the first to sue.

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Read More Stories About: Agreement, Bots, Elon Musk, Shares, Spam, Twitter

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