Legal team for Musk sensed judge would not rule in favor
Proposal likely eliminates need for court trial this month
Elon Musk revived his bid for Twitter Inc. at the original offer price of $54.20 a share, potentially avoiding a courtroom fight over one of the most contentious acquisitions in recent history.
Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter climbed as much as 18% on the news, and trading has since been halted. Musk and representatives for San Francisco-based Twitter didn’t respond to requests for comment on the letter or whether the company would accept the proposal…
Twitter is mulling whether to accept Musk’s offer – put out in an overnight letter – to end all litigation and proceed with the deal. There’s huge distrust on both sides.