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Twitter case halted to allow Musk close deal

Twitter headquarters, Market Square, 1355 Market St., San Francisco, August 2020
FILE

An end might be in sight to the legal dispute between Tesla CEO, Elon Musk, and Twitter as the former has requested for a stay.

The trial slated for 17 October 2022 between the Space X CEO and the social media giant is now on hold pending Musk’s purchase of Twitter at the agreed $54.20 per share.

Judge Kathaleen McCormick, the Judge supervising the bench trial granted Musk a stay upon his request to close the deal on or before 28 October 2022.

McCormick in her granted stay letter on Thursday evening wrote, “Defendants and Counterclaim-Plaintiffs Elon R. Musk, X Holdings I, Inc., and X Holdings II, Inc. (collectively, “Defendants”) have agreed to close on the Agreement and Plan of Merger dated April 25, 2022, and they have moved to stay this action in light of their agreement. Defendants have stated that “the closing is expected on or around October 28, 2022.”

However, Twitter expressed doubts that the Electric car company boss will be able to close the deal on the said date.

“Just this morning, a corporate representative for one of the lending banks testified that Mr. Musk has yet to send them a borrowing notice and has not otherwise communicated to them that he intends to close the transaction, let alone on any particular timeline,” Twitter lawyer, Kevin Shannon wrote.

In her letter, McCormick wrote, “Plaintiff Twitter, Inc. opposes the motion on the basis that Defendants’ agreement will not ensure that the transaction closes fast enough.

“This action is stayed until 5 p.m. on October 28, 2022, to permit the parties to close on the transaction. If the transaction does not close by 5 p.m. on October 28, 2022, the parties are instructed to contact me by email that evening to obtain November 2022 trial dates.”

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