TWTR - Twitter Stock Price Falls as Attorneys Negotiate a $44 Billion Purchase With Musk.
Twitter Stock ( NYSE:TWTR )
In trading on Thursday, Twitter stock dropped by 1% as lawyers worked behind the scenes to resolve the disagreement over Elon Musk’s $44 billion offer to purchase Twitter ( NYSE:TWTR ) and take it private.
Elon Musk’s deposition, originally scheduled for this Thursday but now pushed out again, has been postponed until Twitter ( NYSE:TWTR ) and Musk’s teams work out the terms of Musk’s new bid to buy Twitter stock for $44 billion (but conditioned on stopping the legal action).
On Wednesday, the Chancellor of the State of Delaware, Kathaleen McCormick, stated that neither party had requested a postponement of the trial. Therefore, the scheduled start date of October 17 remained unchanged.
From a legal standpoint, that trial is rapidly approaching. There will be very little time for fact-finding depositions since the final witness lists for the trial were needed by the end of Wednesday, and there are approaching pretrial draft order deadlines.
WSJ reports that as of late Wednesday, negotiations between the parties continued over the specifics of Musk’s plan to honor the terms of the original agreement.
Before delivering the letter agreeing to proceed at the original price this week, Musk allegedly sought to have the acquisition price decreased. According to the New York Times, he had asked for a discount of up to 30%, valuing Twitter stock at about $31 billion, down from its current market valuation of around $39.7 billion. Negotiations last week about a reduction of 10% also failed to ...
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