It’s been a roller coaster ride between Elon Musk and Twitter this year with the Tesla CEO giving up on the acquisition back in July. Days after, Twitter sued Musk for breach of contract. Now in the latest chapter of the saga, Musk has sent a letter to Twitter with a proposal to go through with the $44 billion purchase.
Update 12:26 pm PT: Via Walter Bloomberg, a Twitter spokesperson has shared “the intention of the company is to close the transaction at $54.20 per share.”
Update 12:15 pm PT: In an SEC filing dated October 3 that was required in the event Twitter accepts Musk’s intention to follow through with the acquisition is the letter his attorney sent.
“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.
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.”
Reported by Bloomberg, anonymous sources close to the situation shared about Musk sending a new letter to Twitter. It proposes going through with the previously agreed-upon price of $54.20 per share for a $44 billion buyout after all.
This comes just under two weeks before Musk was set to go to trial on October 17 in the lawsuit Twitter brought against him.
After trading was halted, Twitter shares are up almost 13% on the news with a trading price of just under $48 at the time of writing.
Meanwhile, Washington Post’s Elizabeth Dwoskin and company say Twitter is thinking about the offer from Musk and noted the high levels of distrust between the two parties.
If Twitter does decide to accept Musk’s latest offer to go through with the purchase, CNBC says it “has learned that Musk could own Twitter within a matter of days and that all litigation would come to an end.”
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Elon Musk swears he really wants to buy Twitter this time [Update: Twitter intends to accept] - 9to5Mac
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