After weeks of dilly-dallying, Tesla, Inc.’s chief executive officer Elon Musk confirmed late Friday that he is terminating the deal to buy Twitter, Inc.
Legal Battle In Cards
Close on the heels of Musk’s disclosure of his intentions, Bret Taylor, chairman of Twitter’s board, tweeted that the board is committed to closing the transaction on the price and terms agreed upon with Musk.
He also warned of pursuing legal action to enforce the merger.
“We are confident we will prevail in the Delaware Court of Chancery,” Taylor said.
Wedbush analyst Daniel Ives said he sees a “long, nasty court battle” ahead. Given the Twitter board’s fiduciary responsibility to keep driving the Musk deal, it will be in the courts battling for potentially years to recoup the deal and/or the break-up fee of $1 billion at a minimum, he added….