Elon Musk has offered to proceed with a deal to buy Twitter at the price he offered months ago before trying to call it off, according to a legal filing, a stunning development weeks before the two sides were due to face off in a trial.
In a letter that Musk’s side sent to Twitter overnight, he proposed proceeding with the deal at $54.20 a share if the Delaware Chancery Court, which was scheduled to hold the trial on Oct. 17, agrees to “enter an immediate stay” of the case “and adjourn the trial and all other” related proceedings. Twitter enclosed a copy of the letter from Musk’s attorneys in a financial filing Tuesday.