Elon Musk has decided to proceed with a $44 billion buyout of Twitter.
This is in accordance with a letter his lawyer sent to Twitter’s legal team on Tuesday.
According to the letter, Musk has agreed to proceed in closing the transaction in accordance with the April 25 merger agreement he originally signed, in which he agreed to pay $54.20 per share.
Twitter said, in a statement, that it received the letter and intends to close the transaction at the original share price offered by Musk’s team.
“The company plans to accept the offer but is waiting for confirmation that the judge can oversee the process,” said a person familiar with the discussions who spoke on the condition of anonymity to describe sensitive matters, according to The Washington Post.
“Because there is great distrust on both sides, Twitter leaders are still questioning whether the letter represents a legal maneuver,” the person said.
The agreement would preempt a trial that had been scheduled for October after Musk’s efforts to walk away from his original acquisition agreement.