Tesla Chief Executive Elon Musk filed a motion on Friday in an attempt to prevent a court from expediting proceedings in the Twitter (TWTR-US) merger case.
Musk has argued that the court should reject Twitter’s unreasonable demands to speed up the merger case within two months, the first public response from Musk since Twitter filed a lawsuit this week.
Musk’s lawyer stated through the document that the core dispute over fake accounts and spam accounts is the basis of Twitter’s value, and it also takes a lot of time to discover, and there is no need to rush to resolve this major consideration, asking the court to wait until February 13 next year. Judgment at a later date.
The debt financing package promised by the bank for Musk will expire in April next year, which means that if the above-mentioned trial process begins in February and is not completed in April, the transaction may still be broken.
Twitter on Wednesday (13th) filed a lawsuit against the state of Delaware, asking the court to compel Musk to execute its merger with Twitter. Twitter also urged the court to go to trial by mid-September, citing the recent economic downturn, to protect the Twitter and its shareholders are not exposed to operational harm and market risk as a result of Musk’s withdrawal from the agreement.
Musk announced last week to terminate the $44 billion merger deal with Twitter, arguing that the latter did not provide the necessary information to prove whether the company’s fake account data is true, accusing Twitter of serious violations of the terms of the merger agreement, Twitter then countered and threatened Sue.
Twitter declined to comment on Musk’s latest motion, but the board told shareholders on Friday that shareholder approval is a key step in completing the merger agreement, calling on shareholders to actively participate in a special meeting to vote on the original merger proposal, but the vote Date has not yet been set.
In addition to requiring shareholder approval, Twitter said the ongoing litigation process is an important step in closing the deal.
Twitter’s stock price has been sluggish in recent weeks since Musk backtracked on announcing the termination of the deal. The stock rose 4.08% on Friday to close at $37.74 a share, 30% below the originally negotiated takeover offer of $54.20.
