According to Bloomberg News Report, Elon Musk has proposed to buy Twitter at the offer of the original deal, 54.20 USD per share, that he had tried to call off.
The surprise development came just before both parties were due for a trial in court.
Musk sent a letter to Twitter overnight that offers to go ahead with the original deal price if “the Delaware Chancery Court, which was scheduled to hold the trial on Oct. 17, agrees to “enter an immediate stay” of the case “and adjourn the trial and all other” related proceedings.”
The price of Twitter shares hopped 12.7 % since the first proposal by Elon Musk of purchasing Twitter.
Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share.
— Twitter Investor Relations (@TwitterIR) October 4, 2022
Twitter has enclosed a copy of the letter from Musk’s attorneys and stated that it intends to close the transaction at the original share price offered by Musk.
The company plans to accept the offer and is just waiting on confirmation from the judge that they can oversee the process.
