Elon Musk wants Twitter to stop its upcoming trial due to his attempt to walk away from his $44 billion acquisition deal, so that the original terms can proceed as planned.
Musk s team said in documents filed with Delaware s Court of Chancery Thursday that Twitter should halt the October 17 court date so that the financing can be completed before the end of the month.
The court filing by Musk attorney Edward Micheletti shows that Twitter won't take a yes for an answer. They have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders' interests. According to Alex Spiro, Musk's lawyer, told FOX Business that Twitter offered Mr. Musk billions off the transaction price. Musk refused because Twitter tried to put certain self-serving conditions on the deal, he said. Any statement to the contrary is a lie. Musk sent a letter to Twitter on Tuesday stating that he intends to proceed with his original $54.20 per share offer that was agreed to by the parties in April. The letter stated that the move depends on receipt of the deal's debt financing and provided the Delaware Court of Chancery stays Twitter's lawsuit against him and adjourns the upcoming legal trial.
The two sides are still booked for an Oct. 17 trial in Delaware over Musk's attempts to terminate the deal, but Twitter said earlier this week it intends to close the deal at the agreed-upon price.
The judge who is presiding over the case said she will continue to press on to the trial because neither side had formally moved to stop it.
Musk's attorneys said that the trial should be adjourned to allow more time for Musk to secure the financing.
Since Twitter sued Musk to force him to complete the purchase after he tried to back out four months ago, it is unlikely that the San Francisco-based company whose shareholders have voted to approve the deal.
It's likely that Twitter is seeking assurances from Musk's side that he's serious and won't walk away again.