Twitter calls Musk’s bid to scuttle $44bn deal ‘invalid and wrongful’
07/12 00:22
According to FT, Twitter has hit back at Elon Musk’s attempt to walk away from his $44bn acquisition of the social media company, calling it “invalid and wrongful” and accusing him of breaching the merger agreement, according to a letter sent to the billionaire’s lawyers. Musk announced on Friday that he planned to back out of the deal to buy Twitter, citing several breaches of the merger agreement by the social media platform. But in a letter addressed to Musk’s legal team dated Sunday, Twitter’s lawyers at Wachtell, Lipton, Rosen & Katz said that Musk could not walk away from the deal, arguing that instead it was the Tesla chief executive and his team who had “knowingly, intentionally, wilfully, and materially” breached the agreement. Their “purported termination is invalid and wrongful, and it constitutes a repudiation of their obligations under the agreement”, wrote William Savitt, a partner at Wachtell. The letter, which was filed publicly on Monday, cited three different clauses of the contract that Twitter said constituted violations and precluded Musk from terminating the deal himself. The first related to Musk’s obligation to assist with preparing regulatory filings on the acquisition. The second obliged him to consult with Twitter before making public statements of the transaction. The third item cited Musk’s duty to assist with raising the debt and equity financing needed to fund the $44bn deal. In the letter from Wachtell to Musk, the company wrote that it “will continue to provide information reasonably requested by Mr Musk under the agreement and to diligently take all measures required to close the transaction”.
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