Elon Musk terminates Twitter takeover - Premium Times Nigeria

Tesla CEO, Elon Musk, announced on Friday he is terminating his $44 billion Twitter takeover bid.by Skadden Arps attorney Mike Ringler in a Securities and Exchange Commission filing, on Friday, Mr Musk said his decision was due to Twitter’s “breach” of multiple provisions of the merger agreement.

“While Section 6.4 of the Merger Agreement requires Twitter to provide Mr. Musk and his advisors all data and information that Mr. Musk requests “for any reasonable business purpose related to the consummation of the transaction,” Twitter has not complied with its contractual obligations. “This information is fundamental to Twitter’s business and financial performance and is necessary to consummate the transactions contemplated by the Merger Agreement because it is needed to ensure Twitter’s satisfaction of the conditions to closing, to facilitate Mr Musk’s financing and financial planning for the transaction, and to engage in transition planning for the business. Twitter has failed or refused to provide this information.

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