Founder of Tesla Incorporation, Elon Musk, has rescinded his earlier decision to pull out of the purchase of micro-blogging platform, Twitter.
Musk in a filing on the Securities and Exchange Commission, SEC, made the request in correspondence to Twitter.
This comes before a court trial between the billionaire businessman Musk and Twitter in Delaware’s court of chancery on October 17.
Twitter in the suite was billed to hold Musk to his $44 billion purchase offer.
The letter to Twitter read, “On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties 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 pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.
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“The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close.”
Recall that Musk had in April made a bid to buy Twitter for $54.20 per share, totaling $44 billion.
However, he decided against the purchase after many issues on the buyout, indicting Twitter of false presentation of its number of daily active users.
Source: Cable
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