A Delaware judge has agreed to temporarily stay the upcoming trial between Elon Musk and social media platform Twitter so that the two sides can work out a deal for the tech titan to acquire the social media company.
In a two-page ruling issued Thursday evening, Delaware Chancery Court Kathaleen McCormick said she would give the two parties until Oct. 28 to come to an agreement over the disputed transaction. The trial was originally set to start on Oct. 17.
Should the two sides fail to finalize a deal, the trial would start in November, she said.
The motion represents a victory for Musk, who in recent days signaled he was seeking to avoid the trial by re-offering $54.20 a share for the company, or approximately $44 billion. Twitter opposed it as it sought to force Musk to close the deal on the exact terms Musk agreed to in April.
A Twitter representative did not immediately respond to a request for comment. Musk could not immediately be reached for comment.
Musk re-made his offer for the company Monday in a filing with the Securities and Exchange Commission, this time contingent on the completion of $13 billion in debt financing and that the trial is adjourned. Twitter responded by simply stating that it was its intention to close the transaction at $54.20 per share.
Twitter sued Musk in July to seek enforcement of the original transaction. Musk countersued, accusing the company of misleading him and investors — allegations Twitter has denied.
Source: | This article originally belongs to Nbcnews.com
