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>The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merg

by mzs 4y ago

>The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery. Bret Taylor, Twitter board chair - 4:51 PM Chicago time · Jul 8, 2022 https://twitter.com/btaylor/status/1545526087089696768 https://twitter.com/btaylor/status/1545526087089696768

lettergram 4y ago
The most likely scenario is a settlement at a lower price imo. Musk was never going to pay the original offer because it was / is well known Twitter has a bot problem. He surfaced the issue and is threatening to scuttle deal based on twitters throttling the API. Which is limiting the due diligence ability of Musk’s financiers to appropriately evaluate their investment. Now the negotiations will take place and I suspect we will see something like a $10-$20B purchase agreement. Musk will have opportunity for due diligence if they sue. If they don’t sue him, then the shareholders sue Twitter (ironically probably some of the financiers).
- roflyear 4y ago
  In what fucking universe do you think they would settle on $10b lol. You guys are crazy.
- rocqua 4y ago
  Musk did not 'surface the issue'. He was complaining about bot numbers being higher than Twitter said looong before he ever signed the merger. Musk does not have a right to due diligence. Just a right to 'information reasonably relevant to the business'. And he has no right to terminate the merger based on that information.
  - onelovetwo 4y ago
    This thread corrects your misconceptions[1], you might also be wrong about the first part. [1](https://news.ycombinator.com/item?id=32027341#32027416 https://news.ycombinator.com/item?id=32027341#32027416)
    - rocqua 4y ago
      That states that even if you have no right to back out of a deal, you might get away with it anyway. Which doesn't seem to contradict what I said?
- Forgeties79 4y ago
  >Which is limiting the due diligence ability of Musk’s financiers to appropriately evaluate their investment. He waived his DD so that’s 100% on him and his unchecked ego, like most of his problems he likes to blame on everyone else.

by mzs 4y ago

lettergram 4y ago

The most likely scenario is a settlement at a lower price imo. Musk was never going to pay the original offer because it was / is well known Twitter has a bot problem. He surfaced the issue and is threatening to scuttle deal based on twitters throttling the API. Which is limiting the due diligence ability of Musk’s financiers to appropriately evaluate their investment. Now the negotiations will take place and I suspect we will see something like a $10-$20B purchase agreement. Musk will have opportunity for due diligence if they sue. If they don’t sue him, then the shareholders sue Twitter (ironically probably some of the financiers).

roflyear 4y ago
In what fucking universe do you think they would settle on $10b lol. You guys are crazy.
rocqua 4y ago
Musk did not 'surface the issue'. He was complaining about bot numbers being higher than Twitter said looong before he ever signed the merger. Musk does not have a right to due diligence. Just a right to 'information reasonably relevant to the business'. And he has no right to terminate the merger based on that information.
- onelovetwo 4y ago
  This thread corrects your misconceptions[1], you might also be wrong about the first part. [1](https://news.ycombinator.com/item?id=32027341#32027416 https://news.ycombinator.com/item?id=32027341#32027416)
  - rocqua 4y ago
    That states that even if you have no right to back out of a deal, you might get away with it anyway. Which doesn't seem to contradict what I said?
Forgeties79 4y ago
>Which is limiting the due diligence ability of Musk’s financiers to appropriately evaluate their investment. He waived his DD so that’s 100% on him and his unchecked ego, like most of his problems he likes to blame on everyone else.