Hitting out at the Tesla chief Elon Musk, Twitter demanded completion of the proposed $44 billion takeover of the company and termed the withdrawal of his offer as ‘invalid and wrongful.’ “Twitter has breached none of its obligations under the Agreement,” attorneys for Twitter responded in a letter to Musk’s lawyers that was included in a securities filing late Monday, reported AFP.
“Twitter demands that Musk and the other Musk Parties comply with their obligations under the Agreement, including their obligations to use their respective reasonable best efforts to consummate and make effective the transactions contemplated by the Agreement,” the company noted in its filing, reported the news agency.
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On Monday, Musk took a jibe at Twitter’s stance, saying that the legal battle would lead to the company disclosing information on bots and spam accounts in court. Twitter has hired a large New York-based law firm Wachtell, Lipton, Rosen & Katz LLP, to sue Elon Musk, news agency ANI reported citing The Hill.
The micro-blogging platform will file its lawsuit in Delaware next week. On the other hand, Musk will be represented by the law firm Quinn Emanuel Urquhart & Sullivan.
The Telsa CEO stated that the deal was terminated because the company had breached multiple provisions of the merger agreement.
On terminating the deal, Twitter’s Chairman Bret Taylor had said, “The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.”
In April, Musk reached a deal to acquire Twitter in a transaction valued at about $44 billion at $54.20 per share.
As a legal battle between Musk and Twitter Inc is expected to take center stage, Twitter shares on Monday dropped about 6 per cent in pre-market trading.