Musk's Twitter Takeover Not Hostile, Chancery Brief Says
By Leslie A. Pappas (May 18, 2022, 6:40 PM EDT) -- Tesla CEO Elon Musk and allies at Twitter Inc. struck back at a proposed class action in Delaware Chancery Court that asserts his $44 billion all-cash, board-approved offer for the social media giant requires a two-thirds stockholder vote under state laws to curb hostile takeovers.
Musk only owns 9.6% of Twitter's outstanding voting stock and the assertion that he has arranged for Morgan Stanley to vote its Twitter shares as part of the deal is "wholly speculative and conclusory," the social media company and other defendants said in a motion late Tuesday to dismiss the derivative stockholder complaint.
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