In its Monday response, the Twitter team said that, “Twitter has breached none of its obligations,” and alleged instead that Musk has “knowingly, intentionally, willfully, and materially breached the Agreement.” It added that Twitter has and will continue to “provide information reasonably requested” by Musk to close the transaction.
“The Agreement is not terminated, the Bank Debt Commitment Letter and the Equity Commitment Letter remain in effect, and Twitter demands that Mr. Musk and the other Musk Parties comply with their obligations under the Agreement,” the letter states.
Unless Musk backs down or a settlement is reached, the dispute appears almost certain to end up in court. Following Musk’s announcement that he wanted to exit the deal, Twitter board chair Bret Taylor said in a tweet Friday that the board is “committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement.”
“We are confident we will prevail in the Delaware Court of Chancery,” Taylor added. It does not appear that a formal suit has yet been filed.
