Twitter sues Elon Musk over his termination of USD 44 billion takeover deal

Washington [US], July 13: Twitter has sued Tesla CEO Elon Musk after he decided to back out of the USD 44 billion takeover deal. As per the sources, the lawsuit was filed in Delaware's Court of Chancery on Tuesday, accusing Musk of hypocrisy. Also Read | SC extends Zubair's interim bail in UP case, next hearing on September 7 "Twitter brings this action to enjoin Musk from further breaches, to compel Musk to fulfill his legal obligations, and to compel consummation of the merger upon satisfaction of the few outstanding conditions," Twitter wrote in the lawsuit. The lawsuit marks the beginning of what could be a protracted legal battle as Twitter seeks to hold Musk to his deal to pay USD 54.20 per share for the company. Twitter, which is being repped by M&A powerhouse law firm Wachtell, Lipton, Rosen & Katz, alleged that Musk looked for an escape from the deal, which required a "material adverse effect" or breach of contract. The lawsuit stated, "Musk had to try to conjure one of those." Musk announced the termination of a USD 44 billion Twitter purchase deal in a letter sent by Musk's team to Twitter last week. Musk decided to suspend the deal due to multiple breaches of the purchase agreement. Earlier in June, Musk had openly accused the microblogging website of breaching the merger agreement and threatened to walk away and call off the acquisition of the social media company for not providing the data he has requested on spam and fake accounts. Musk alleged that Twitter is "actively resisting and thwarting his information rights" as outlined by the deal, sources reported, citing the letter he sent to Twitter's head of legal, policy and trust. Also Read: South Delhi police arrest 4 in fake passport case Musk ridiculed Twitter for initiating a legal battle to force him to purchase the company. A few days ago, Musk tweeted four images of him laughing, "they said I couldn't buy Twitter. Then they wouldn't disclose bot information. Now they want to force me to buy Twitter in court. Now they have to disclose bot information in court." -PTC News