News

Twitter sues Elon Musk to enforce original merger agreement

0
18237500 - businessman hand pointing to investment as concept

In this article

TWTR

Musk’s plan to buy Twitter has worried policymakers around the world.
Joe Skipper | Reuters

Twitter filed suit against Elon Musk in the Delaware Court of Chancery on Tuesday after the billionaire said he was terminating his $44 billion deal to buy the company.

Twitter said Musk, after entering a binding merger agreement, now “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,” Twitter wrote in the complaint. “This repudiation follows a long list of material contractual breaches by Musk that have cast a pall over Twitter and its business. Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions.”

This is breaking news. Please check back for updates.

Oil prices could spike ‘well over $150’ a barrel: Energy analyst says

Previous article

Best trades on CNBC Tuesday: These are the bank stocks the pros are buying ahead of earnings

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News