Musk lawyers say Twitter won't accept renewed $44 billion bid for the company

[Nevilledog]

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Nick Riccardi
@NickRiccardi
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NEW YORK (AP) — Musk lawyers say Twitter won't accept renewed $44 billion bid for the company, ask Delaware court to halt upcoming trial.
12:49 PM · Oct 6, 2022

More accurately, Musk doesn't have financing.

[Lovie777]

1. Can he like go away .....

[prodigitalson]

23. please nt

[The_Casual_Observer]

2. I'll pay you Tuesday for a hamburger today.

Musk is pure bullshit.

[Effete Snob]

3. Not surprised

With all the hoopla yesterday about "How soon does Trump get back on?" I had not heard that Twitter accepted the offer.

If you make an offer, someone accepts, and then you revoke, then they don't have to go back and accept your renewed offer.

They can extract a buttload of cash from him in the trial without having to sell anything. Why not just do that?

[Nevilledog]

4. One of the funders backed out yesterday.

https://www.democraticunderground.com/100217226207

[WarGamer]

5. Actually that's NOT accurate.

Musk already has the financing lined up... a group of SEVEN banks have already signed contracts...

https://www.yahoo.com/now/musk-twitter-deal-said-stuck-180619464.html

Seven banks, led by Morgan Stanley, fully underwrote the debt portion of the financing, according to an April filing. As is usual in this type of contract, banks originally planned to sell most of that debt to institutional money managers before the Twitter deal closed, but they have always been on the hook for providing the funding if anything went wrong.

The Morgan Stanley-led group could struggle to find buyers for all the bonds and loans and would likely have to take losses on at least part of the financing package. But that is ultimately the banks’ problem, not Musk’s.

[Nevilledog]

6. Apollo Global backed out yesterday

[WarGamer]

7. So?

Don't follow Twitter for real news.

7 banks. Period. Already committed.

The Apollo thing is from April before Musk got the financing finalized.

Sometimes I wish Twitter had a software to hardware device that shocked people through their mouse for posting nonsense on Twitter,

They include Morgan Stanley, Bank of America and Barclays.

Mitsubishi UFJ Financial Group, BNP Paribas, Mizuho Financial Group and Societe Generale are also part of the syndicate.

[Nevilledog]

8. So you're disputing that Musk says the deal is off or why it's off?

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[WarGamer]

9. You're moving the goal posts.

Musk has financing lined up.

That was my claim and it's a fact.

Reason for a stall in the negotiations doesn't affect the fact that financing IS in place.

[Nevilledog]

11. If it's a "fact" that he has financing without Apollo I'd love to see your sources from today.

Sources about the available financing AFTER Apollo pulled out.

Honestly, I don't give a shit WHY it falls through as long as it falls through.

[WarGamer]

12. I follow this stuff... daily.

This is a negotiations ploy.

APOLLO PULLED OUT MONTHS AGO.

He's trying to insert into the contract an escape clause saying the deal is contingent on financing.

That puts pressure on TWTR to reduce the price which is what Elon has been attempting for months.

Read your own links, Apollo backed out months ago.

[WarGamer]

13. Apollo is irrelevant.

Apollo Global Management Inc. and Sixth Street Partners LLC are not moving ahead with talks to help finance Elon Musk's $44 billion acquisition of Twitter Inc. , Reuters reported. Musk replied, "correct" on Twitter when answering queries about whether the two lenders are absent from the $7.1 billion in third-party equity financing package for the deal, the report said. The two lenders stopped talking with Musk over the summer, after he asked Twitter to drop the deal as proposed in April, Reuters said in its report, which was published on Wednesday.

[unblock]

21. Missing the point. Musk is responsible for the deal, and could pay for all of it himself.

The bank syndicate is on the hook for $12.5 billion, and that hasn't changed.

Musk is on the hook for the rest (ultimately, all of it), but he's been trying to find others to share the load, such as Apollo. He wants to sell if pledge as little tsla as possible. But if he has to, he will.

Or he'll pay the breakup fee if that costs less.


But he's too wealthy to claim he can't do the deal because he can't come up with the money.

[WarGamer]

10. I 100% guarantee Musk will close the deal...

This is all maneuvering to get the best out of the deal.

[Nevilledog]

15. One of us will be right about whether the deal goes thru.

I hope it doesn't.

[unblock]

14. I think people made too much of Apollo backing out.

They were looking into financing only $1 billion out of a $44 billion deal, and the deal was never dependent on it.

The bank syndicate is still responsible for their portion, and musk can always sell tsla stock for his portion.

He'd rather not, but he still can. So he's still on the hook for closing the deal or paying the breakup fee.

[WarGamer]

16. Exactly... TSLA shareholdes would certainly appreciate it if Elon doesn't sell stock.

Every time he does, it drops A LOT.

[unblock]

19. In practice he wouldn't actually sell, he'd just pledge shares for a loan.

All he's doing is buying time. His bid for twitter remains overpriced, but the longer he drags it out, the more of a chance he has for it to become reasonable.

He's turned a bad bid into a call option with an indeterminate expiration date. If it ever looks like going through with the deal will cost him less than the breakup fee, suddenly the deal will get closed in a hurry.

[WarGamer]

20. exactly.

[Nevilledog]

17. We'll see.

I don't see any indication that the judge is going to delay the trial.

[WarGamer]

18. Which is why Musk will close the deal sooner rather than later.

[gratuitous]

22. Every time Team Musk announces something, they want the trial to stop

And the folks at Twitter seem perfectly happy to continue the trial. I'm beginning to see a pattern here.

[Tomconroy]

24. Has he rescheduled his deposition?