billionaire alon musk is expected to propose to proceed with its acquisition of Twitter Inc. At $54.20 per share, a Bloomberg news reporter tweeted Tuesday.
Twitter Shares were up 12.7% at $47.93 before trading halted for the second time.
Lawyers for Twitter and Musk were not immediately available for comment.
Musk and Twitter set to enter courtroom this month, Twitter seeks order directing Musk to shut down deal at $54.20 per share.
Musk agreed to buy Twitter for $44 billion in April, but said within weeks that the number of bot accounts was much higher than what had been estimated at less than 5% of Twitter’s users.
According to a report on Tuesday, Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.
The trial to force Musk to buy Twitter is set to begin in Delaware Chancery Court on October 17.
Musk’s argument for winning the case – and thus walking away from the deal – rests largely on his allegation that Twitter misrepresented how it measures the volume of “spam bot” accounts that advertisers have. useless for But most legal experts agreed that they faced an uphill battle convincing the court’s chief justice, Chancellor Kathleen St. Jude McCormick, that little had changed since the April merger agreement that ended the deal. justifies.
Twitter Shares were up 12.7% at $47.93 before trading halted for the second time.
Lawyers for Twitter and Musk were not immediately available for comment.
Musk and Twitter set to enter courtroom this month, Twitter seeks order directing Musk to shut down deal at $54.20 per share.
Musk agreed to buy Twitter for $44 billion in April, but said within weeks that the number of bot accounts was much higher than what had been estimated at less than 5% of Twitter’s users.
According to a report on Tuesday, Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.
The trial to force Musk to buy Twitter is set to begin in Delaware Chancery Court on October 17.
Musk’s argument for winning the case – and thus walking away from the deal – rests largely on his allegation that Twitter misrepresented how it measures the volume of “spam bot” accounts that advertisers have. useless for But most legal experts agreed that they faced an uphill battle convincing the court’s chief justice, Chancellor Kathleen St. Jude McCormick, that little had changed since the April merger agreement that ended the deal. justifies.