Will Elon Musk finalize the Twitter acquisition by October 28?

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Elon Musk Faces October 28 Deadline to Finalise Twitter Acquisition

A US judge has suspended litigation concerning Elon Musk's proposed US$44 billion takeover of Twitter, establishing an October 28 deadline for the finalisation of the deal. Should the transaction not be completed by 5 pm on that date, the case may be rescheduled for a trial in November. Twitter has indicated its expectation to close the buyout at US$54.20 per share.
Musk's Offer Conditioned on Halting Litigation

Elon Musk revived his takeover plan on the condition that the Delaware court halt the ongoing lawsuit filed against him. His legal team argued that the litigation had become moot following this renewed offer to proceed with the acquisition. They further contended that Twitter's insistence on continuing the legal proceedings risked the deal and jeopardised stockholders' interests.
Twitter Cites Refusal to Commit to Contractual Obligations

Twitter's legal representatives countered that Musk's side had not provided a firm commitment to a closing date, describing his appeal as an attempt to introduce further delays. They highlighted that the primary obstacle to terminating the litigation was Musk's refusal to accept his contractual obligations. Twitter asserted its right to pursue legal recourse to prove any breaches and ensure complete relief should the closing not occur for any reason.
Analysts Suggest Litigation Provides Leverage for Twitter

The ongoing legal proceedings are seen by analysts as a tool that provides Twitter with leverage against potential further shifts in Musk's position. Following the news of the deal revival, Twitter shares experienced a decline of 3.7 per cent, closing at US$49.39. Previously, Musk had attempted to withdraw from the purchase in July, citing concerns over the number of fake bot accounts, an assertion that Twitter rejected.

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Will Elon Musk finalize the Twitter acquisition by October 28?

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