Elon Musk sent a letter to Twitter Inc. on Monday seeking to revive his bid for the company at the original offer price of $54.20 a share, provided that the Delaware Chancery Court “enter an immediate stay” of Twitter’s lawsuit against him and adjourn the trial scheduled to begin in two weeks, according to a filing with the Securities and Exchange Commission (SEC).
Twitter in a statement on Tuesday said that the company intends to close the transaction at the offer price.
Musk made the offer in a letter to Twitter, which the company disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission. The offer comes just two weeks before Twitter’s lawsuit seeking to force Musk to go through with the deal goes to trial in Delaware Chancery Court.
In a regulatory filing, Mr. Musk said a continuing disagreement with the company over the number of spam accounts on the platform could not be resolved.
In a securities filing dated [April 13], the billionaire tech CEO proposed $54.20 a share for the social media giant, calling it his “best and final offer.”
If it is not accepted, he added, “I would need to reconsider my position as a shareholder.” In a letter addressed to Twitter Chairman Bret Taylor, Musk said he invested in the company because of its “potential to be the platform for free speech around the globe.”
