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Musk says Twitter has refused to suspend litigation on buyout

Elon Musk asked a US judge Thursday to suspend Twitter's lawsuit over their troubled takeover negotiations after the embattled social media company baulked at the Tesla's chief's demand to freeze the litigation.

(FILES) In this file photo taken on April 26, 2022 the Twitter logo is seen at their headquarters in downtown San Francisco, California. – Elon Musk has offered to push through with his buyout of Twitter at the original agreed price, reports said October 4, 2022, just weeks before the opening of a bitter court case over his effort to withdraw from the deal. Twitter told regulators on Tuesday that Elon Musk sent a letter saying he will go through the with deal he inked early this year to buy the tech firm for $44 billion. (Photo by Amy Osborne / AFP)

Elon Musk asked a US judge Thursday to suspend Twitter’s lawsuit over their troubled takeover negotiations after the embattled social media company baulked at the Tesla’s chief’s demand to freeze the litigation.

Musk’s request comes two days after he revived his takeover plan. The unpredictable billionaire’s July withdrawal from the $44-billion transaction prompted Twitter to sue Musk over breach of contract in a Delaware court.

A trial is scheduled to start on October 17.

“There is no need for an expedited trial to order Defendants to do what they are already doing and this action is now moot,” said a filing prepared by Musk’s attorneys that alluded to his latest offer.

“Yet, Twitter will not take yes for an answer. Astonishingly they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholder’s interests.”

Musk on Tuesday sent a letter to Twitter reviving the $54.20-per-share offer under the condition that the Delaware court halts action in the lawsuit against him.

Twitter said Tuesday it expects to close the buyout deal at the $54.20 price in a statement that did not address Musk’s demands over freezing the litigation.

On Wednesday, Delaware Judge Kathaleen McCormick said she still planned to go ahead with the trial, noting that neither party had asked for a suspension.

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