(Reuters) – Twitter Inc sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world’s richest person to complete the merger at the agreed $54.20 per Twitter share.
Musk said on Friday he intends to terminate the deal because Twitter had breached multiple provisions of the merger agreement.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter
share
reaction
April 4 Musk discloses over 9% stake in Jumps as
Twitter much as
31%
April 5 Twitter says Musk will join company’s Rises over
board 9%
April 10 Musk says he will not join Twitter Falls 3.3%
board
April 14 Musk offers $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4%
company from takeover in next
session;
trails
offer by
13%
April 21 Musk lines up $46.5 billion in Adds 2.6%,
financing for the deal but still
trails
Musk’s
offer by
11.5%
April 25 Twitter board accepts Musk’s offer Climbs
~7%;
trades
3.5% below
offer
price
April 29 Musk sells Tesla shares worth over $8 Rises
billion in a bid to finance takeover 2.3%;
trades
7.3% below
offer
price
May 2 Musk seeks to get more external Falls 0.8%
investors in the
next
session;
trades
~10% below
offer
price
May 5 Musk discloses $7.14 billion funding; Rises
sources tell Reuters that Musk could 4.4%;
temporarily lead Twitter after deal trades
closes 5.5% below
offer
price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6%
will not return as CEO if offered in the
next
session;
trades 20%
below
offer
price
May 13 Musk says Twitter deal on hold pending Drops 11%
review of spam and fake accounts. before
Later tweets that he remains committed paring
to the deal losses;
trades 26%
below
offer
price
May 25 Twitter investors vote against Rises ~6%
re-electing Elon Musk ally to board in the
next
Musk pledges more equity to fund session;
Twitter deal, scraps margin loan trades 27%
below
offer
price
May 26 Musk sued by Twitter investors for Rises ~6%;
stock ‘manipulation’ during takeover trades 27%
bid below
offer
price
May 27 SEC looking into Musk’s Twitter stake Rises 1%;
purchase trades 26%
below
offer
price
June 6 Musk threatens to walk away from the Drops 4%;
buyout deal if Twitter fails to trades 29%
provide data on spam and fake accounts below
offer
price
July 8 Musk said he is terminating the deal Falls 7%
because Twitter breached multiple in
provisions of the merger agreement. extended
trading
July 10 Twitter hires U.S. law firm Wachtell, Drops 11%
Lipton, Rosen & Katz LLP as it the next
prepares to sue Musk. day;
trades 40%
below
offer
price
July 11 Twitter fired back at Musk, accusing Climbs ~5%
him of “knowingly” breaching an the day
agreement to buy the social media after;
firm. trades
~36% below
Musk’s
offer
price
July 12 Twitter sues Musk for violating his Climbs
$44 billion deal to buy the social 1.4% the
media platform. next day
in
premarket
trading
(Reporting by Yuvraj Malik, Akash Sriram, Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Sweta Singh, Devika Syamnath, Sriraj Kalluvila and Shounak Dasgupta)
