In the days before Elon Musk renewed his original offer to acquire Twitter, the two sides discussed doing the deal at the discounted price of $50 per share, according to people familiar with the situation.
told Insider that Musk ultimately decided to do the deal at the original $54.20 a share price and on the original terms, because he refused to accept"all kinds of things" Twitter's executives and its board were demanding be included in a renegotiated deal.Spiro did not say what exactly Twitter's side was demanding.
Musk likely wanted to retain flexibility, so sticking with the original $54.20 offer may have made more sense for him. Indeed, in the renewing his first takeover bid, Musk's lawyers made it clear the billionaire can still pursue any kind of action he wants against Twitter. The letter stated that the renewed $44 billion offer comes"without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the action.
The recent fraught negotiations were alluded to in legal filing on Thursday in Delaware Chancery Court, where Twitter sued Musk in July for deciding to back out of the deal. Musk sought an immediate and open-ended stay of the lawsuit and trial. His lawyers said the trial and case was now effectively"moot" with Musk's renewed full-price offer, and accused Twitter of refusing"to take yes for an answer.
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