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Originally Posted by pip08456
The plot thickens.
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Twitter is refusing to accept Elon Musk’s renewed bid of $44 billion for the social media company, according to a report from The Associated Press citing Elon Musk’s attorneys. This news comes after reports of Elon Musk’s asking the Delaware court to halt the upcoming trial. He renewed his offer to purchase the social media network this week and shared a few details about his goals.
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https://www.teslarati.com/twitter-re...s-renewed-bid/ |
They're not refusing to accept it. They're refusing to halt legal action or accept different terms such as one that gets Musk out of the whole thing if he can't raise the money.
Twitter can't refuse to accept the deal if it's the original terms for the agreed amount. They suspect Musk is up to something.
https://www.ft.com/content/1ce8a07a-...b-f91261929a71
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In its filing, Twitter said one of the lending banks had testified on Thursday that Musk had “yet to send them a borrowing notice” or communicate that he intended to close the deal.
Legal experts expect Twitter to demand Musk deposit the $44bn in escrow before moving forward with the deal. Ann Lipton, a corporate law professor at Tulane University, wrote on Twitter that the company’s filing “makes clear Musk is not doing what is necessary to obtain financing”.
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Anyway the case is halted for now but the judge will allow it to resume if Musk somehow finds another reason not to complete.