Twitter Inc. wants a lightning-quick trial to resolve its claim that billionaire Elon Musk wrongfully canceled his proposed $44 billion buyout of the social-media platform, reports Bloomberg.
Lawyers for the San Francisco-based company say they need only four days in Delaware Chancery Court to prove that the world’s richest man should be forced to honor his agreement and pay $54.20 a share for Twitter. The company hopes to start the non-jury case on Sept. 19.
Unlike some states where it can take several years to get a case to trial, Delaware Chancery Court generally moves quicker. Chancery judges -- business law experts -- are known for being able to parse through the legal thickets of complex merger and acquisition disputes more quickly and thoroughly than other US courts. Even complex business cases are often argued before a judge within six or seven months of being filed.
The Twitter buyout agreement specifies all legal disputes over the deal must be heard in Delaware, corporate home to more than half of U.S. public companies, including Twitter and Musk’s Tesla Inc..
Musk and his lawyers didn’t immediately return emails Tuesday seeking comment on both the suit and whether the case can be tried on Twitter’s schedule. Musk did issue a tweet Tuesday, saying: “Oh the irony lol.”
Twitter’s legal team argues it can easily show in less than a week of court time that Musk didn’t have legitimate grounds to nix the $54.20-per-share buyout. Twitter shares closed at $34.06 on Tuesday.
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