Elon Musk Will Buy Twitter if Litigation Is Dropped ⇥ bloomberg.com
Jef Feely and Ed Hammond, Bloomberg:
Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share, potentially avoiding a courtroom fight over one of the most contentious acquisitions in recent history.
Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter climbed as much as 18% on the news, and is now halted. Representatives for Musk and for San Francisco-based Twitter didn’t immediately respond to requests for comment.
The letter says Musk will proceed if Twitter drops its litigation against him. So far, that trial has been particularly embarrassing for Musk and some of the wealthiest and most influential personalities in Silicon Valley. This rapid about-face suggests Musk realized, at long last, that he is legally obligated to proceed with this acquisition.