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US DoJ Launches Incoherent Legal Challenge Of AT T Time Warner Acquisition



On April 23, Musk informed Taylor that his offer was "best and final", urging him to accept in a letter sent the following day.[9] Multiple outlets subsequently reported that Twitter was in final negotiations to accept Musk's offer,[38][39] with a deal expected to be reached by the next day,[40] though Reuters cautioned that the deal could still fall apart.[41] On April 25, Twitter shares rose by 5 percent following reports that Twitter was poised to accept Musk's offer.[42] Twitter advisors Goldman Sachs and JPMorgan Chase both approved of the deal, deeming it fair from a financial perspective.[9] Twitter's board publicly and unanimously accepted the buyout offer for $44 billion, and Twitter was to become a private company once the transaction was completed sometime in 2022.[43][44] Negotiations with Musk were led by the board's transaction committee, composed of Taylor, Martha Lane Fox, and Patrick Pichette.[45] The deal would require shareholder and regulatory approval before it could be finalized,[46] though analysts believed it was unlikely to be challenged by regulators.[47] Musk was barred from disparaging the company or its employees when tweeting about the acquisition before the transaction closed.[48] The agreement also stipulated that if Musk failed to close the acquisition, he would be required to pay Twitter a $1 billion breakup fee.[49][50] Agrawal was set to receive $39 million from the buyout, while Dorsey would receive $978 million.[51] Musk had privately selected a new CEO to replace Agrawal upon completion of the acquisition,[34] though he was expected to serve as interim CEO in the months after its completion.[52] Tesla's stock sank by more than $125 billion the next market day, causing Musk to lose about $30 billion of his net worth.[53][54]




US DoJ launches incoherent legal challenge of AT T Time Warner acquisition

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