China News Service, October 7th. Comprehensive report. On the 6th local time, a Delaware Court of Chancery judge ruled to suspend the lawsuit against Tesla CEO Musk's $44 billion acquisition of Twitter until October 28. date, so that both parties can complete the transaction on their own before that.
Data map: Musk.
If the deal has not been completed by then, the parties will contact the judge for a relevant date for the trial to resume in November, court documents show.
According to the US Consumer News and Business Channel (CNBC), Musk recently stated that it intends to acquire Twitter for an initial price of $54.2 per share, for a total price of about $44 billion, and asked the social media company to end all lawsuits, to complete the transaction.
According to the Washington Post, after the judge issued the ruling, Twitter said it accepted the October 28 date, "We look forward to closing the transaction for $54.20 by October 28." In an earlier statement In a court filing, the company urged a judge to reject the proposal, calling Musk's plan "an invitation to further mischief and delay."
In April, Musk reached a definitive agreement with Twitter’s board to buy it for $54.20 per share, a deal worth about $44 billion.
In July, Musk proposed to terminate the acquisition, citing Twitter's breach of several terms of the acquisition agreement.
Under the terms of the agreement, Musk would have to pay $1 billion if he pulled out of the acquisition.
Then Twitter officially filed a lawsuit against Musk on July 12, accusing him of refusing to complete the acquisition as agreed, causing Twitter to suffer serious losses.
The Delaware Chancery Court was scheduled to begin hearing the case on October 17 this year.