“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement,” Twitter said in a statement. “We are confident we will prevail in the Delaware Court of Chancery.”
Elon Musk’s move to dump his US$44 billion deal ($61.60 billion) for Twitter Inc. sets the stage for a titanic legal battle in a Delaware court that typically frowns on efforts to back out of merger agreements.
Minutes after Musk disclosed his intention to exit the deal, Twitter Chairman Bret Taylor responded with an unequivocal threat to take the world’s richest person to court.
