Musk made the proposal in a letter to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report.
Elon Musk revived a bid to buy Twitter Inc. at the original price of $54.20 a share, backtracking on his effort to quit the deal and potentially avoiding a contentious courtroom fight.to Twitter on Monday, according to a filing with the Securities and Exchange Commission that confirmed a Bloomberg report.San Francisco-based Twitter said it received the letter and intends to close the deal at the agreed-upon price, without commenting specifically on how it will respond to Musk.
Musk formally quit the accord in July and Twitter sued him in Delaware Chancery Court to force him to go forward with the purchase. A trial had been scheduled to begin Oct. 17. In the letter, Musk’s attorneys wrote that he and his supporters “intend to proceed to closing of the transaction contemplated by the April 25, 2022, merger agreement, on the terms and subject to the conditions set forth therein.”and the court issuing “an immediate stay of the action.”
Twitter alleged that Musk used the bots issue as a pretext for backing out a deal he no longer found economically sound. Inside Twitter on Tuesday, many employees were sitting through 2023 planning presentations when the news first started to circulate, according to multiple sources.Many employees have opposed the idea of working for Musk, who has been openly mocked and criticised on internal Slack channels since the deal was signed.
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