*Seeks to Force Deal Completion
*Insists Billionaire ‘Refuses to Honour Obligations’
Four days after Elon Musk announced his decision to opt out of the $44bn Twitter take-over deal, the micro blog outfit has gone to court to compel a completion of the acquisition.
The suit, expected to become a long legal battle, is in reaction over claims by Musk that he is exiting the take over agreement following the refusal of the social media group to provide information on over a million daily fake handles or spam account.
Musk agreed to take over Twitter on April 25 April with an offer to buy the company’s entire shares for $54.20 each. However, he has since announced his decision to back out of the deal over allegations of withholding “spam” accounts information.
But Twitter insists Musk is economical with the truth about the fake or spam accounts. Besides describing the claims as making “bad faith” arguments and carrying out “public and misleading attacks”, the micro blog group also referred to the reason for the exit claim as a new height in hypocrisy.
“Musk’s exit strategy is a model of hypocrisy. Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done.
“Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter noted in the suit.