A US judge ruled on Thursday (6) that Elon Musk must close the purchase of the social network Twitter by October 28 if he wants to avoid a trial, according to local media.
Shortly before, the CEO of Tesla had requested the suspension of the process with which Twitter wants to force him to buy the company for the previously agreed US$ 44 billion, with the aim of closing the last details.
Musk’s lawyers have filed a petition with the court dealing with the case arguing that after they communicated to Twitter this week about their decision to proceed with the purchase at $54.20 a share, there was no reason to proceed with the lawsuit.
In addition, they warned that if the legal battle continued, the operation could be jeopardized.
In the document, Musk’s defense explains that the acquisition is expected to close around October 28, once the billionaire has secured the necessary funding for the purchase.
So far, Twitter has refused to withdraw its case and on Wednesday the judge in charge of the case, Kathaleen McCormick, had already confirmed that for now the preparations for the trial continue.
In its petition, Musk’s defense criticizes the social network for its decision to keep the legal battle open and insists there is no reason to think the world’s richest man will not get the funds he needs from banks to complete the transaction.
“Twitter doesn’t take yes for an answer. Surprisingly, they insisted on continuing this litigation, recklessly compromising the business and playing with the interests of their shareholders,” the lawyers say.
They reiterate that proceeding with the trial would be a “huge waste of resources” that “will hamper the parties’ ability to close the transaction” and that could leave the operation “in limbo” and make Twitter shareholders get their money much more. afternoon.
Twitter was quick to respond and, in another letter to the court, opposed Musk’s request, making it clear that it does not trust the businessman’s latest promises.
“The accused can and must close [a compra] next week”, said a lawyer for the company, who considered that until that happens, the matter should continue to go to trial.
The social network accused Musk of refusing to give a definitive date for completing the operation and said the proposed suspension of the trial was “an invitation to more games and delays”.
Representatives for the two parties are discussing the details of the deal after Musk surprised again this week by announcing his intention to go ahead with the original deal to buy the social network, which he canceled months ago, prompting Twitter to go to court.
According to the American press, the decision to resume the purchase of Twitter at a price of US$ 54.20 per share was taken after the tycoon unsuccessfully tried to obtain a discount of up to 30%.
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