According to Bloomberg’s Ed Hammond, Elon Musk has apparently decided to proceed with his deal to buy Twitter at $54.20 per share. The news halted trading of Twitter’s shares on the stock market.
Scoop – N*MUSK SAID TO PROPOSE TO TWITTER TO PROCEED W/ DEAL AT $54.20
— ed hammond (@EdHammondNY) October 4, 2022
Twitter and Musk are to begin a trial in Delaware Supreme Court on October 17, as the two sides battle out terms. Musk backed out of the Twitter deal alleging the social network failed to provide accurate bot data. Musk is scheduled for deposition this week on October 6-7. It seems a settlement might be possible to avoid a swift court battle and deposition, if the Bloomberg report is true.
“Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter climbed as much as 18% on the news, after trading was briefly halted,” said Bloomberg.
The Wall Street Journal has corroborated the Bloomberg report. Musk’s lawyers made the proposal to Twitter’s lawyers overnight on Monday and “filed a letter confidentially with the Delaware Chancery Court ahead of an emergency hearing on the matter scheduled for Tuesday, the person said.”
…developing, more to follow
