Elon Musk, a billionaire, says he wants to finish buying Twitter by the end of the month, but the company “won’t take yes for an answer.”
In a court filing, he said that the social media site had worried him about the “theoretical possibility of a future failure to obtain debt financing” to pay for the deal. Twitter said that it didn’t think the offer would happen.
In July, Mr. Musk tried to back out of buying Twitter, so the company sued him. The judge in charge of the case gave the two sides until October 28 to agree. At Mr. Musk’s request, the judge put the issue on hold.
Mr. Musk said it was no longer necessary to go to court after he said this week in a surprise move that he was ready to go ahead with the original takeover plan if he got the money and the legal battle ended.
In a filing, Mr. Musk’s lawyers said, “There is no need for a speedy trial to order defendants to do what they are already doing.”
“However, Twitter will not accept “yes” as an answer to a question. Unbelievably, they have insisted on moving forwards with this case, irresponsibly putting the deal in danger and gambling with the interests of their stockholders.”
Twitter expressed opposition to the idea of suspending litigation in a document submitted to the Delaware Chancery Court on Thursday. Twitter referred to the concept as “an invitation to more harm and delay.”
It stated that it did not have faith in Mr. Musk’s assurances, pointing out that a bank assisting in the financing of the deal had testified earlier this week that it had not received any notice from Mr. Musk regarding plans to move through.
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The corporation wrote that the defendants “can and should close” the case the following week. Twitter has a right to have its day in court until the defendants commit to deactivating their accounts as needed.
In April, Mr. Musk announced his intention to acquire Twitter for $54.20 per share. But a few weeks later, he changed his mind and walked out of the arrangement, citing concerns that the number of spam accounts on the network was significantly larger than Twitter had reported.
In the end, Twitter filed a lawsuit to compel Mr. Musk to finalise the transaction.
Twitter stated in its complaint that Mr. Musk was concerned about the sum he had promised to pay after a steep decline in the value of tech shares, particularly those of Tesla, the electric vehicle business he runs and the source of a significant portion of his fortune.
As part of the proceedings leading up to the trial, which was set to begin on October 17, Mr. Musk was scheduled to be questioned sometime this week. According to a document filed with the court, the trial has been moved to October 28 to finalize an agreement.
Twitter’s stock closed the day down by more than 3 percent, reflecting market uncertainty about whether or not the purchase will be completed.
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