By Christopher Hutton, Technology Reporter
Twitter has scheduled the final date for the trial in which it will make the case for Elon Musk to uphold his merger agreement in court.
The two parties are scheduled to meet in the Delaware Court of Chancery from Oct. 17 to Oct. 21, according to court documents released Friday. There, the two will have an expedited trial focused on whether the billionaire’s termination of his agreement to acquire Twitter was justifiable.
A judge ruled in favor of the expedited trial on July 19. While Musk’s legal team argued that a full trial in early 2023 was necessary due to the need to analyze Twitter’s claims regarding spam bots, the judge ruled in favor of an expedited trial to minimize adverse effects on the company.
Musk terminated his agreement to acquire Twitter on July 8, alleging that Twitter had been deceptive about its number of spam bots. Twitter promptly responded by filing a lawsuit against Musk on July 12, hoping to force him to uphold the agreement. The two parties are scheduled to appear in October in the Delaware Court of Chancery.
If Twitter wins its court case against Musk, he will be forced to purchase its stock at $54.20 a share and turn the company private. If Musk succeeds, he will be released from his contractual obligations and will have to pay a $1 billion termination fee, as established in the agreement. A settlement is possible between the two parties but would require additional negotiations.
Twitter experienced a 1% loss in revenue in part due to the uncertainty caused by Musk’s approach to his April announcement, when he claimed he would purchase Twitter for $44 billion. Musk appears convinced that his claims about false estimates of spam bots will be enough to allow him to terminate his agreement. Twitter, however, has continued to move forward as though the agreement will be upheld. The company said in a filing with the Securities and Exchanges Commission that it intends to hold a special meeting on Sept. 13 to encourage shareholders to vote in favor of Musk’s acquisition of Twitter.
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