Elon Musk Pulls Out of Deal to Purchase Twitter
Tesla CEO Elon Musk has officially pulled out of a deal to buy Twitter.
ARS Technica reports
After Musk pulled out of his deal to buy Twitter for $44 billion on Friday, Twitter Board Chairman Bret Taylor said the company will sue Musk to enforce the merger contract and force him to complete "the transaction on the price and terms agreed upon." Twitter then hired the "merger law heavyweight" Wachtell, Lipton, Rosen & Katz to work on a lawsuit it expects to file early this week in the Delaware Court of Chancery, Bloomberg reported.
"Wachtell Lipton has perhaps the leading litigation practice in Delaware, where the majority of US public companies are incorporated," the Financial Times wrote. "It defends companies in lawsuits over breach of fiduciary duty and broken merger agreements in the state."
The Wachtell firm gives Twitter "access to lawyers including Bill Savitt and Leo Strine, who served as Chancellor of the Delaware Chancery Court," Bloomberg wrote. Wachtell has previously represented Musk and Tesla in other matters.
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