Lawyers for Elon Musk on Tuesday sent Twitter a letter offering again to acquire the social platform for $44 billion and seeking a quick resolution after months of legal proceedings.
Sent late on Monday by Musk’s lawyer Mike Ringler at Skadden, Arps, Slate, Meagher & Flom and filed confidentially with the Delaware Court of Chancery the following day, the letter is a direct renewal of Musk’s April agreement to take Twitter private at $54.20 per share. The letter is being reviewed by Twitter lawyers and the deal seems likely to be accepted.
“We received the letter from the Musk parties which they have filed with the SEC,” a spokesperson for Twitter said. “The intention of the company is to close the transaction at $54.20 per share”
Read on to see the letter in full.
Gentlemen:
On behalf of X Holdings I, Inc., X Holdings II, Inc. and Elon R. Musk (the “Musk Parties”), we write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement, on the terms and subject to the conditions set forth therein and pending receipt of the proceeds of the debt financing contemplated thereby, provided that the Delaware Chancery Court enter an immediate stay of the action, Twitter vs. Musk, et al. (C.A. No. 202-0613-KSJM) (the “Action”) and adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court.
