Twitter to sue Elon Musk for trying to back out of $44 billion merger
Twitter’s message to Elon Musk after his attempt to bail on his $44 billion agreement to buy the company: We’ll see you in court.
“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,” tweeted Twitter’s chairman, Bret Taylor, less than an hour after Musk’s legal team said he wanted out of the deal in a filing with the Securities and Exchange Commission. “We are confident we will prevail in the Delaware Court of Chancery.”
If you’ve been following the twists and turns of this deal, it’s not a surprise that Twitter plans to put up a fight. Soon after Musk said he would buy Twitter and take it private, he began laying the groundwork for why he could back out, claiming that Twitter wasn’t being forthcoming about the number of bots on the platform. Twitter has insisted to Musk that he has the correct information and that it intends to enforce the merger agreement.
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Twitter’s message to Elon Musk after his attempt to bail on his $44 billion agreement to buy the company: We’ll see you in court.
“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,” tweeted Twitter’s chairman, Bret Taylor, less than an hour after Musk’s legal team said he wanted out of the deal in a filing with the Securities and Exchange Commission. “We are confident we will prevail in the Delaware Court of Chancery.”
If you’ve been following the twists and turns of this deal, it’s not a surprise that Twitter plans to put up a fight. Soon after Musk said he would buy Twitter and take it private, he began laying the groundwork for why he could back out, claiming that Twitter wasn’t being forthcoming about the number of bots on the platform. Twitter has insisted to Musk that he has the correct information and that it intends to enforce the merger agreement.
Developing…
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