A Delaware judge halted a court case against Elon Musk over his US$44 billion purchase of Twitter, giving the parties more time to complete the deal.
Following the judge’s ruling, Twitter General Counsel Sean Edgett sent an update to staffers, saying the company won’t be going to court Oct. 17 and will work to close the deal by Oct. 28 as ordered by the judge.
Within hours of McCormick’s order, Musk began tweeting about his plans for Twitter. “There will be very rapid product evolution,” he wrote in response to another user’s query. “Software engineering, server operations & design will rule the roost,” he continued in another post.In their filing earlier Thursday, Musk’s lawyers had argued that a short pause would not harm Twitter.
“Now, on the eve of trial, defendants declare they intend to close after all,” Twitter said in its filing. “‘Trust us,’ they say, ‘we mean it this time,’ and so they ask to be relieved from a reckoning on the merits.” The two parties had been gearing up for the week-long courtroom battle, which would have determined whether the billionaire had legitimate grounds to torpedo the buyout because of alleged fake user accounts. McCormick ruled against the Tesla Inc. CEO on about a half-dozen pre-trial issues that could have foreshadowed difficulties in making his case in court. Seven banks, led by Morgan Stanley, fully underwrote the debt portion of the financing, according to an April filing.
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Twitter trial against Musk is halted to allow deal to close - BNN BloombergA Delaware judge halted a court case against Elon Musk over his US$44 billion purchase of Twitter Inc., giving the parties more time to complete the deal.
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