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Twitter lawyers up after Musk moves to drop acquisition bid: Report

by Abigail Adcox

 

Twitter retained a legal team from New York-based Wachtell, Lipton, Rosen & Katz LLP as it gears up to challenge Elon Musk for moving to end his acquisition of the company.

The social media giant intends to file a lawsuit in Delaware against Musk by early next week after the tech guru said he wanted to cancel the acquisition in documents filed with the Securities and Exchange Commission on Friday, sources told Bloomberg.

Twitter vowed that it would challenge Musk’s efforts to back out of the $44 billion deal. He initially offered to purchase Twitter for $54.20 a share in April.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” tweeted Twitter board Chairman Bret Taylor on Friday.

 

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