According to a filing with the Securities and Exchange Commission, the social media giant said it intends to execute the deal and close the transaction at the price and terms it agreed to with Musk. Twitter shareholders will vote on Tuesday whether to approve or reject Musk’s takeover bid.
On Friday, Musk’s legal team sent a letter to Twitter citing another reason for stopping the proposed acquisition. Musk’s team alleged that Twitter’s multimillion-dollar payments to whistleblower Peter Mudge Zatko violated the terms of the contract.
Musk’s latest letter is his third attempt to terminate the Twitter deal. The CEO’s legal team first filed a notice with the SEC on July 8 that Twitter had failed to meet its “contractual obligations.”
In Friday’s letter, Musk’s legal team said Twitter’s $7.75 million severance payment to Jatco was another breach of the acquisition agreement.
“Like your termination notices on both July 8, 2022 and August 29, 2022, the decision set forth in your September 9, 2022 letter is false and void under contract,” the social media giant’s legal team wrote to Musk’s representatives.
“Twitter has not breached any of its representations or obligations under the Agreement and, subject to the approval of Twitter stockholders at its special meeting on September 13, 2022, all conditions for the closing of the merger will be met,” they added.
Twitter and Elon Musk will go on trial in Delaware on October 17.
Source: Ambito
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