On May 2, 2022, Elon Musk attends The Metropolitan Museum of Art’s Costume Institute charity event in New York. Musk’s lawyers are claiming on Tuesday, July 26, 2022, that Twitter is dragging its feet on document production in preparation of an October trial to determine if Musk should be forced to execute a $44 billion takeover of the social media business.
Twitter has scheduled September 13 as the day for its shareholders to vote on Tesla CEO Elon Musk’s proposed takeover of the business.
In a regulatory statement on Tuesday, the business stated that it is proposing that shareholders vote to approve the $44 billion transaction.
The date is ahead of the yet-to-be-determined start date of the October trial in the dispute between the billionaire and the San Francisco corporation. Twitter has filed a lawsuit in Delaware against Musk after he stated his intention to withdraw from the agreement.
“We are committed to completing the transaction at the agreed-upon price and parameters with Mr. Musk.” “Your vote at the special meeting is vital to our ability to finalize the transaction,” Twitter said to its shareholders in a letter.
Earlier Tuesday, Musk’s attorneys accused Twitter of delaying document production in advance of the trial to determine if Musk should be forced to finish the purchase.
Musk’s attorneys also stated in a court filing that Twitter Inc. counsel have refused to assent to a suggested Oct. 17 trial date and are insisting on a trial start date of Oct. 10, utilizing the uncertainty about a trial date to postpone further scheduling negotiations.
After a Delaware Chancery Court judge agreed last week to have an accelerated trial in a lawsuit brought by Twitter, Musk’s attorneys said that Twitter’s planned case schedule is “an clear attempt to squeeze defendants.”