More of the debt may have to come from the banks themselves rather than outside clients. A number of Wall Street banks had already signed up for $13 billion in financing, which may be more difficult now that interest rates are racing higher. Now, the only thing that stands in the way of the deal going through is ensuring that the financing is there. 202-0613-KSJM), and adjourn the trial and all other proceedings related thereto pending such closing or further order of the court."Ī spokesperson for Twitter stated that the "intention of the company is to close the transaction at $54.20 per share". The relevant section of the filing reads: "On October 3, 2022, the Reporting Person’s advisors sent a letter to Twitter (on the Reporting Person’s behalf) notifying Twitter that the Reporting Person intends to proceed to closing of the transaction contemplated by the ApMerger 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. Late Tuesday, Musk's legal team filed its intent with the Securities & Exchange Commission (SEC). The parties agreed to go through with the original acquisition framework, but Twitter has requested new stipulations on timelines and deliverables. Twitter stock newsĪccording to reporting from The Financial Times, Musk's lawyers held a Zoom (ZM) call with Judge Kathaleen McCormick from the Delaware Chancery Court and Twitter representatives early on Tuesday. Carl Icahn reportedly profited about $250 million by holding onto TWTR when Musk tried to exit the deal in July and shares fell to $31.52.
Musk was scheduled to be deposed later this week, and some pundits think the likelihood of failure in extricating himself from his agreement to buy the social media platform back in April was the major reason for wanting to end the current litigation.Įither way, Twitter has agreed to the acquisition, and TWTR stock zoomed up 22.2% to close at $52. If you have been living under a rock for the last 24 hours, you may not have heard that Elon Musk has decided to buy Twitter (TWTR) for the original price of $54.20 agreed to back in April.And so our corporate fairy tale finally starts on its road to a conclusion.
Tesla stock falls in premarket on the news.TWTR closes up 22.2% after Musk agrees to go through with acquisition.
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