Monday, January 30, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Biz Plus

Musk, Twitter begin buyout court hearing

AFPbyAFP
July 19, 2022, 8:10 pm
in Biz Plus, Business
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

WASHINGTON, United States—Elon Musk and Twitter will face off Tuesday in the first court hearing over the Tesla chief’s move to abandon their $44-billion buyout deal, a case with massive stakes for both sides.

Twitter wants a judge to force Musk to complete the purchase, which he is trying to scrap over his allegations the social media platform misled him about its tally of fake accounts.

Billions of dollars are at stake, but so is the future of the platform that Musk has said should allow any legal speech, an absolutist position that has sparked fears the network could be used to incite violence.

The hearing in the eastern state of Delaware is set to include arguments over Twitter’s push for a September trial date, which is aimed at limiting the uncertainty plaguing the firm.

“Questions have been raised about Twitter’s future, and they don’t want this to drag on for very long,” said Carl Tobias, a University of Richmond law professor. 

ADVERTISEMENT

Musk’s legal team has filed papers arguing that date is far too soon for such a complex matter, and instead proposed mid-February.

Twitter lawyers noted the deal is supposed to close toward the end of October, just six months after Musk launched an unsolicited bid that the company’s board first resisted but then supported.

The world’s richest person has backed away from the deal in recent months as tech stocks have tumbled, and Twitter’s value has fallen well below the $54.20 per share he offered. AFP

Rather than Silicon Valley, where Twitter is based, the company has lodged its lawsuit against Musk in Delaware.

The firm is incorporated in the tiny state like scores of other companies, and the case will happen in the Delaware Chancery Court that has deep experience in business disputes.

“The Chancery Court, which handles most of these matters, is very expert in corporate law, and more particularly, mergers and acquisitions. So this is the place to go,” Tobias added.

Kathaleen McCormick, the judge overseeing the case, comes with a no-nonsense reputation.

She also reportedly has the distinction of previously ordering a reluctant buyer into completing a corporate merger.

A forced closing of the Twitter deal is a scenario that some analysts consider possible.

“(Wall) Street and legal experts across the board view Twitter as having a ‘strong iron fist upper hand,’ heading into the Delaware court battle after months of this fiasco and nightmare,” analyst Dan Ives wrote last week.

He also noted less likely options include Musk paying a $1-billion breakup fee and being able to walk away, or winning outright on his fake-account argument.

After pausing the deal in May, Musk’s lawyers announced in July he was “terminating” the agreement because of skepticism over Twitter’s false or spam accounts tally and allegations the firm was not forthcoming with details.

Tuesday’s hearing will be just the first step in what could be a lengthy legal fight that could end in a trial, but also a settlement.

“Musk has shown his willingness to take things all the way to the end in Delaware court,” said Adam Badawi, a University of California at Berkeley law professor.

“I think settling is not necessarily his instinct.”

Tags: Buyout dealCourt hearingElon MuskTwitter
ADVERTISEMENT
AFP

AFP

Related Posts

San Miguel set to bag P27-b Cavite-Batangas Expressway

byDarwin G. Amojelar
January 29, 2023, 7:10 pm
0
8
Cavite invites challengers on SMC’s P27-b expressway

San Miguel Corp. is set to bag the P27-billion Cavite-Batangas Expressway Project, after the provincial government of Cavite said it...

Read more

New DBP president vows to support infrastructure development

byManila Standard
January 29, 2023, 7:05 pm
0
8
US trade shifts away from China but no ‘decoupling’ yet

A prominent and seasoned banker formally assumed the position as head of one of the largest government financial institutions in...

Read more

PH banks kept credit standards unchanged in Q4

byJulito G. Rada
January 29, 2023, 7:00 pm
0
8
Banaag assumes post as Bright Kindle director

Banks in the Philippines kept credit standards mostly steady in the fourth quarter of 2022 and expect to continue the...

Read more

Meralco, Panay Energy asked to justify supply deal termination

byAlena Mae S. Flores
January 29, 2023, 6:55 pm
0
8
ERC to study Ilijan plant’s offer to Meralco

By Alena Mae S. Flores The Energy Regulatory Commission asked Panay Energy Development Corp., owner of two coal-fired power plants...

Read more

DTI discloses P629-b investment leads in renewable energy projects

byOthel V. Campos
January 29, 2023, 6:50 pm
0
8
Exporters urged to tap plant-based meat mart

The Department of Trade and Industry identified massive investments in the renewable energy sector in 2023 as more companies are...

Read more

SEC warns investing public on ‘impersonation scams’

byJenniffer B. Austria
January 29, 2023, 6:45 pm
0
8
SEC urges stronger cybersecurity steps

The Securities and Exchange Commission warned investors about the proliferation of “impersonation scams” which were defrauding the investment public of...

Read more

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • Exotic pets
  • LPG to cost P9.50/k more
  • Jeepney drivers’ daily take
    home income drops to P300
  • Smuggled frozen chicken meat
    blamed for egg supply shortage
  • House bills allows PBBM to hold PhilHealth rate hike
  • 18k nurses took US board exam in 2022
  • No cover-up in drug war probe—DOJ

Advertisement

Latest News

House bills allows PBBM to hold PhilHealth rate hike

byRio N. Araja
January 30, 2023, 1:00 am
0
8
PhilHealth expedites settling debts to hospitals by debit-credit scheme

Leaders of the House of Representatives, headed by Speaker Martin Romualdez, have filed an urgent bill seeking to empower President...

Read more

18k nurses took US board exam in 2022

byRio N. Arajaand1 others
January 30, 2023, 12:50 am
0
8
Ethno-exhibit

The number of Philippine-educated nurses that took the US licensure exam for the first time in 2022 was the highest...

Read more

No cover-up in drug war probe—DOJ

byRey E. Requejoand1 others
January 30, 2023, 12:40 am
0
8
P20 per kilo rice

Justice Secretary Jesus Crispin Remulla on Sunday denied suggestions that he was shielding former President Rodrigo Duterte from the reopened...

Read more

Sto. Niño devotion

byNorman Cruz
January 30, 2023, 12:36 am
0
8
LPG to cost P9.50/k more

Catholic devotees arrange various Sto. Niño images in preparation for a parade in Pasay City on Sunday. The city government...

Read more

PBBM, senators to talk economy

byMacon Ramos-Aranetaand1 others
January 30, 2023, 12:30 am
0
8
PBBM receives YouTube’s Gold Play Button award

President Ferdinand Marcos Jr. will meet with senators Tuesday to discuss how to spur economic growth. "After the Vin de...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App