Tesla CEO Elon Musk’s projected $44 billion acquisition of Twitter appears to be back on track as the business mogul has filed to finalise the deal.
Musk’s attorneys stated in a court filing on Tuesday that they were prepared to finish the agreement, which was previously thought to be over.
Bloomberg reported on Tuesday that Musk was prepared to finalise the acquisition at the initial share price of $54.20, and the court documents have since verified the accuracy of the news.
The announcement also came just a few days before the trial regarding the deal’s non-completion, which was scheduled to start on October 17 and was widely expected to result in a loss for Musk and his attorneys.
According to documents filed by Musk’s attorneys with the Delaware Chancery court, which was in charge of the trial, ‘We write to tell you that the Musk Parties plan to proceed to close of the deal.’
Twitter acknowledged receiving Musk’s most recent proposal and stated, ‘The company’s aim is to close the transaction that was agreed upon during the original contract.’
Before trading was suspended after the announcement, Twitter shares soared by 6.7%. When trade was once again allowed to resume, it increased by almost 12%.
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