CORPORATE COURT BATTLE: Twitter pulls out all the legal stops after Elon Musk withdraws $44bn takeover offer

The social media company aims to file suit early this week, according to the people, who declined to be identified because the matter is private.

Delaware is the corporate home to more than half of US public companies, including Twitter, and more than 60% of Fortune 500 firms. There, chancery judges – business law experts – hear cases without juries and can’t award punitive damages. Based on previous merger fights, efforts to terminate a deal can play out within a few months, often ending with settlements to avoid further wrangling.Savitt, a Wachtell partner, is at the top of a select group of A-list chancery court litigators.

Delaware Chancery Court typically frowns on efforts to back out of merger agreements. It’s possible that one of Strine’s most influential decisions will determine how Musk makes his case for ditching his Twitter takeover.

Source: News Formal (newsformal.com)

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