By Paul Akalonu
Elon Musk asked a US judge on Thursday to halt Twitter’s lawsuit over their troubled takeover negotiations, after the embattled social media company balked at Tesla’s request to halt the litigation.
Musk’s request comes just two days after reviving his takeover scheme. Following Musk’s July withdrawal from the $44 billion transaction, Twitter filed a breach of contract lawsuit against him in Delaware. The trial is set to begin on October 17.
Musk resurrected the $54.20-per-share offer in a letter to Twitter on Tuesday, on the condition that the Delaware court halts action in the lawsuit against him.
In a statement issued Tuesday, Twitter stated that it expects to close the buyout deal at the $54.20 price, but did not address Musk’s demands regarding the freezing of shares.
Twitter said Tuesday that it expects to close the buyout deal at $54.20 per share, but did not address Musk’s demands to freeze the litigation.
On Wednesday, Delaware Judge Kathaleen McCormick reiterated her intention to proceed with the trial, noting that neither party had requested a suspension.
