Twitter Inc (NYSE: TWTR) remains in focus on Friday after the Delaware Chancery Court said Elon Musk can avoid a trial so long that he closes his $44 billion deal with the social network by October 28th.
Twitter refused to terminate litigation
Originally, Musk wanted Twitter to end all litigation as his team arranged financing for the $54.20 a share agreement.
Twitter, however, opposed that motion citing a possible intent of further “mischief and delay”. In its filing, the microblogging company said:
They propose an order that allows them an indefinite time to close on the basis of a conditional withdrawal of their unlawful notices of termination coupled with an explicit reservation of all claims and defenses in the event a closing does not occur.
Twitter shares are keeping near the $50 level today.
What if Musk doesn’t close by October 28th?
In the event that Musk does not make good on his promise to buy Twitter within this deadline, the trial will resume in November.
But Musk’s attorneys are confident that they’ll have financing and ultimately close the deal “around” October 28th.
Counsel for the debt financing parties has advised that each of their clients is prepared to honour its obligations under the Bank Debt Commitment Letter on the terms and subject to satisfaction of the conditions set forth therein.
Twitter, though, quoted an anonymous representative from one of the banks slated to finance and said the billionaire has not, so far, intimated the lender of his plans of borrowing.
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