Elon Musk Says Twitter Refuses to Drop Court Battle Despite Agreement on Terms: They ‘Will Not Take Yes for an Answer’

thewrap.com:

sent a letter suggesting they close the deal at the agreed-upon price of $54.20 per share. Twitter ostensibly accepted those terms – but for reasons that aren’t yet clear is dragging its feet on vacating the lawsuit to enforce them.“Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests,” according to Musk’s filing.Filed in a chancery court in Delaware, the suit seeks to enforce the contract sale that Musk tried to back out of over his concerns about the number of spam accounts among Twitter’s nearly 400 million users.To recap: When Musk first expressed interest in buying Twitter, leadership flew into a panic and introduced a poison pill provision to stop him.

But when the board saw his proposal in April, they accepted it – only to have Musk back out. Twitter sued to keep the deal, and Musk was on the brink of giving depositions for the trial, which is scheduled to start Oct.

17, when he finally relented earlier this week.When Twitter tacitly agreed to a sale at $54.20 – in a tweet, of course – it seemed the only hurdle remaining was the lawsuit that, at least on its face, no longer was necessary.

Musk’s team said if it’s cleared immediately, the deal could close as soon as Oct. 28.Twitter issued this statement about today's news: We received the letter from the Musk parties which they have filed with the SEC.