Elon Musk’s lawyers say Twitter is refusing his renewed bid for the company, which wants assurances the billionaire won’t walk away again from the deal.
Elon Musk’s lawyers say Twitter is refusing the Tesla billionaire’s renewed bid for the social media company and have asked a Delaware court to halt an upcoming trial.
Musk earlier this week made a renewed offer of $US44 billion (68 billion) to take over to company to end a protracted legal dispute that began when Musk tried to back out of the April deal and Twitter sued.
Representatives for Twitter did not immediately respond to messages for comment.
Twitter said earlier this week that it intends to close the deal at the agreed-upon price, but the two sides are still booked for an October 17 trial in Delaware over Musk’s earlier attempts to terminate the deal.
On Wednesday, the judge presiding over the case said she will continue to press on toward the trial because, at the time, neither side had formally moved to stop it.
Musk’s lawyers said the trial should be adjourned to leave more time for Musk to secure the financing.
“Twitter will not take yes for an answer,” said the court filing signed by Musk lawyer Edward Micheletti.
“Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests.”
Since Twitter sued Musk to force him to complete the purchase after he tried to back out four months ago, it is unlikely the San Francisco-based company — whose shareholders have voted to approve the deal — will walk away from the agreement.
Rather, it’s likely Twitter is seeking assurances from Musk’s side that this time he’s serious and won’t walk away again.
– with AAP