Delaware’s Court of Chancery has given Tesla CEO, Elon Musk, an ultimatum to acquire Twitter after he made a U-turn on his decision to terminate the acquisition deal.
The court gave Musk 22 days to complete the $44 billion agreement if he wants to avoid trial that was previously scheduled for October 17 before he agreed to buy the company.
During a recent court hearing, Musk asked Twitter to drop the initial lawsuit scheduled for October 17, but Twitter said it would keep the litigation alive until the deal was finalized.
Musk had made the request stating that the lawsuit should be stepped down to enable him to raise the needed capital for the acquisition ahead of the October 28 deadline.
In a filing, Musk explained that the decision of Twitter to continue the litigation was “recklessly putting the deal at risk and gambling with their stockholders’ interests.”
The lawyers of Musk said: “By far the most likely possibility is that the debt is funded in which case the deal will close on or around October 28.” Adding that “counsel for the debt financing parties has advised that each of their clients is prepared to honor its obligations under the Bank Debt Commitment Letter on the terms and subject to satisfaction of the conditions set forth therein.”
While Musk said the court proceedings would be a distraction, Twitter revealed it is not ready to bet on Musk fulfilling the promise this time.
In its filing, Twitter wrote, “‘Trust us,’ they say, ‘we mean it this time,’ and so they ask to be relieved from reckoning on the merits.
“To justify that relief, they propose an order that allows them an indefinite time to close on the basis of a conditional withdrawal of their unlawful notices of termination coupled with an explicit reservation of all ‘claims and defenses in the event a closing does not occur.’”
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