Musk and Twitter are lawyering up for court battle in Delaware
Sunday featuring images of himself laughing with captions recounting one version of events over the past few months.
So far, Delaware courts have found only one case in which a clear MAE emerged — Fresenius SE’s $4.3 billion buyout bid in 2018 for rival drugmaker Akorn Inc. A judge blessed Fresenius’ decision to walk away from the deal after finding Akorn executives hid an array of problems that cast doubt on the validity of data backing up approval for some drugs and profitability of its operations.
In the Twitter deal, the platform’s executives are obligated to promptly furnish Musk with “all information concerning the business, properties and personnel of the company and its subsidiaries as may reasonably be requested.” Musk contends management hasn’t met those duties in connection with the details of spam and bot accounts.Twitter said it has handed over extensive data on its user base.
To press its case, Twitter has hired merger law heavyweight Wachtell, Lipton, Rosen & Katz. By hiring Wachtell, it gains access to lawyers including Bill Savitt and Leo Strine, who served as Chancellor of the Delaware Chancery Court. The social media company aims to file suit early this week, said people who declined to be identified because the matter is private.
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