Elon Musk is proposing to buy Twitter at the original offer price of $54.20 per share, potentially ending one of the most controversial acquisitions in recent history.
Musk made the suggestion in a letter to Twitter, according to people familiar with the matter, who asked not to be identified when discussing confidential information. Shares on Twitter rose as much as 18 percent on the news after trading briefly halted.
Representatives for Mr. Musk and for San Francisco-based Twitter did not immediately respond to requests for comment.
Mr Musk had been trying for months to back out of his deal to take over Twitter, which he signed in April.
Mr Musk showed signs of buyer remorse shortly after the deal was announced, claiming Twitter misled him about the size of its user base and the proliferation of automated accounts known as bots.
Mr Musk formally canceled the deal in July, and Twitter sued him in Delaware Chancery Court to force him to go ahead with the purchase. A trial is scheduled to begin on October 17.
In the weeks leading up to that showdown, attorneys from both sides have fired barrages of subpoenas at each other to tease out testimonies and evidence.
Mr Musk’s side had to prove that Twitter breached the terms of the deal. Twitter claimed Mr Musk used the bot issue as an excuse to back out of a deal he no longer felt was commercially viable.
Twitter shareholders voted on Sept. 13 to accept the takeover bid as put forward by Mr. Musk.
The company said at the time that 98.6 percent of the votes cast were in favor of the deal. Mr Musk, Twitter’s largest shareholder, did not vote at all, according to two people familiar with his decision. Mr Musk owned almost 10 percent of Twitter – more than 73 million shares – when he agreed to acquire the company.
Mr. Musk is expected to answer questions about the deal on October 6-7 in Austin, Texas.
https://www.independent.ie/business/world/elon-musk-now-says-hell-buy-twitter-at-original-offer-price-after-months-trying-to-back-out-of-deal-42040888.html Elon Musk is now saying he will buy Twitter at the original asking price after months of trying to get out of the business