Twitter lawyer hits back at Musk: Termination of acquisition deal is invalid
Twitter company lawyers in a letter to Elon Musk (Elon Musk) lawyers called Musk's request to terminate the $ 44 billion acquisition agreement "null and false". This is a preparatory step taken by the social network to sue Musk.
William Savitt of the law firm Wachtell, Lipton, Rosen & Katz wrote to Musk's lawyers at Skadden, according to a copy of the letter that Twitter filed with the SEC on July 10. , withdrawing from the transaction is "refusing to perform the obligations of the agreement" .
"Twitter has not violated any of its obligations under the agreement and has not and is unlikely to suffer a Material Adverse Effect," Savitt said. "Twitter reserves all contractual, legal and other rights, including the specific enforcement of Musk's party obligations s right."
The acquisition agreement expressly stipulates that any legal disputes over the transaction must be heard in the state of Delaware. As of Monday's close, neither side had filed a lawsuit over the shaky deal.