Elon Musk to go ahead with $54.20 a share Twitter deal: Bloomberg reporter | International Business News

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Billionaire Elon Musk is expected to propose going ahead with his takeover of Twitter Inc at $54.20 per share, a Bloomberg news reporter tweeted on Tuesday.
Twitter shares were up 12.7% at $47.93 before trading was halted for the second time.
Twitter and Musk’s lawyers were not immediately available for a comment.
Musk and Twitter were set to enter the courtroom this month, with Twitter seeking an order directing Musk to close the deal at $54.20 per share.
Musk agreed in April to buy Twitter for $44 billion, but within weeks said the number of bot accounts was much higher than Twitter’s estimate of less than 5% of users.
According to a report on Tuesday, Musk sent a letter to Twitter offering to complete the deal, which already has shareholder approval, at the original price.
The trial seeking to compel Musk to buy Twitter is set to start in Delaware Chancery Court on Oct. 17.
Musk’s argument for winning the case — and thus walking away from the deal — has largely rested on his allegation that Twitter misrepresented how it measures the magnitude of “spam bot” accounts that are useless to advertisers. But most legal experts believed he faced an uphill battle in convincing Chancellor Kathaleen St. Jude McCormick, the court’s head judge, that something changed since the April merger agreement that justifies terminating the deal.

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