Sept. 12, 2022 7:40 americium ET
Twitter Inc. TWTR 0.81% connected Monday said Elon Musk’s latest statement to terminate his $44 cardinal acquisition of the social-media institution is invalid, and it continues to question to enforce the deal.
Mr. Musk’s lawyer connected Friday argued that Twitter’s astir $7 cardinal payment to a whistleblower gives the billionaire different avenue to locomotion distant from the deal.
In a missive filed Monday, Twitter’s ineligible squad said that the latest crushed for termination is “invalid and wrongful” and that it hasn’t breached immoderate of its representations oregon obligations nether the merger agreement. The lawyers said that pursuing support from shareholders connected Tuesday, each of the conditions to adjacent the woody volition beryllium satisfied, speech from those that hap astatine the closing.
“Twitter intends to enforce the Agreement and adjacent the transaction connected the terms and presumption agreed upon with the Musk Parties,” the lawyers wrote.
Mr. Musk’s latest statement to terminate the woody was his 3rd effort to nix the acquisition.
His lawyers said a June outgo Twitter made to its erstwhile information head, Peiter Zatko, aft firing him for “ineffective enactment and mediocre performance” violated the presumption of the April merger statement successful narration to the payments the institution is allowed to marque to employees.
Twitter reached a confidential colony with Mr. Zatko—who accused the institution of failing to support delicate idiosyncratic information and lying astir information problems—in narration to his erstwhile employee’s mislaid compensation.
The colony lone came aft monthslong mediation implicit tens of millions of dollars successful imaginable pay, the Journal has reported, citing radical acquainted with the matter.
Mr. Zatko is scheduled to attest Tuesday earlier the Senate Judiciary Committee to sermon his allegations against Twitter’s security. The aforesaid day, Twitter shareholders volition beryllium asked to ballot connected Mr. Musk’s projected takeover.
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