news hardware Twitter: Will Elon Musk still buy a U-turn from the social network to avoid litigation?
Three months after it was thought to be closed, the takeover affair between Twitter and Elon Musk is picking up steam again: the billionaire has relaunched the social network for a takeover at the same price as the first offer, from which it was unilaterally withdrawn a few months previously.
summary
- Twitter: Elon Musk wants to buy the social network (again).
- Court or no court?
Twitter: Elon Musk wants to buy the social network (again).
Three months after what we thought was the end of the soap opera Elon Musk took a U-turn when he took over Twitter. In fact, the one who is among the richest men in the world has proposed again an offer to buy from the social network. An offer at the same price as the first ($54.20 per share). Twitter announced that it had received a letter on the matter, confirming Bloomberg’s scoop a few hours earlier.
Twitter made this statement regarding today’s news: We received the letter that the Musk parties filed with the SEC. The company intends to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
Twitter released this statement in today’s news: We received the Musk parties’ letter they filed with the SEC. The Company intends to complete the transaction at a price of $54.20 per share.
Elon Musk therefore decides to close the deal from which he had unilaterally withdrawn, despite having convinced investors after numerous negotiations. The only requirement? Drop the lawsuit against him in the Delaware Specialized Court.
Court or no court?
As a reminder, Elon Musk had withdrawn from the case because, on the one hand, he believed he was being censored on the social network, while he did not believe the figures shared by Twitter (5%) regarding the number of robots present on the platform. A number that he and his team value higher and that would be important for evaluating Twitter. A failed takeover promise, urging the board to take the matter to court:
Twitter’s board of directors is committed to completing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. We are confident that we will prevail in the Delaware Court of Chancery.
– Bret Taylor (@btaylor) July 8, 2022
Twitter’s board of directors is committed to completing the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement. We are confident that we will prevail in the Delaware Court of Chancery.
A process that should therefore take place from October 17th to 21st, unless Twitter accepts the offer. What is certain is that the soap opera still seems full of twists and turns. A bit like Twitter’s stock price, which recently climbed before being suspended.
