Elon Musk on Tuesday again offered to acquire Twitter on his original terms, after fighting for months to exit the deal entirely.
REUTERS/Adrees Latif
Lawyers for Elon Musk on Tuesday sent Twitter a letter offering again to acquire the company for $44 billion, and looking for a quick to end months of litigation.
Sent late on Monday by Musk lawyer Mike Ringler at Skadden, Arps, Slate, Meagher & Flom and filed confidentially with the Delaware Court of Chancery the following day, the letter is a straightforward renewal of Musk's April agreement to take Twitter private at $54.20 per share. The letter is being reviewed by Twitter lawyers and the deal seems likely to be accepted.
"We received the letter from the Musk parties which they have filed with the SEC," a spokesperson for Twitter said. "The intention of the company is to close the transaction at $54.20 per share"
Read on to see the letter in full.
Gentlemen:
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.
