A judge has delayed a looming trial between Twitter and Elon Musk, giving the Tesla CEO more time to close his $44 billion deal to buy the company after months spent fighting to get out of it.
Musk had asked to halt the upcoming Delaware court trial, where the Tesla billionaire was expected to fare poorly against Twitter's lawsuit to force him to complete his April merger agreement. Musk revived the takeover offer on Monday but said he needed time to get the financing in order.
Chancellor Kathaleen St. Jude McCormick, head of the Delaware Chancery Court, said Thursday that Musk and Twitter now have until Oct. 28 to close the deal. A trial originally set for Oct. 17 will happen in November if they don't, she said.
Twitter had asked McCormick earlier Thursday to proceed with the trial, saying the billionaire refuses to accept the "contractual obligations" of his April agreement to buy the social media company and take it private.
Twitter disputed Musk's claim that the San Francisco-based company is refusing to accept his renewed bid. Musk told Twitter earlier this week he's ready to buy the company once again after trying to back out of the deal over the summer, accusing it of refusing to give him information about "spam bot" accounts on the service.
Twitter described Musk's move to delay the trial as "an invitation to further mischief and delay" after his arguments for terminating the agreement haven't had merit.
But after the judge's ruling, Twitter reiterated in a statement that it was ready to close the deal on the share price agreed upon in April: "We look forward to closing the transaction at $54.20 by October 28th," referring to the price Musk originally offered for each Twitter share.
Brooklyn Law School professor Andrew Jennings said Twitter wants to be certain that the deal will get done and not allow "wiggle room for Musk to walk away again."
Musk attorneys argued that Twitter was disagreeing with the trial delay "based on the theoretical possibility" of Musk not coming up with the financing, which they called "baseless speculation."
They said Musk's financial backers "have indicated that they are prepared to honor their commitments" and are working to close the deal by Oct. 28.
Musk attorney Alex Spiro said in a statement Thursday that "Twitter offered Mr. Musk billions off the transaction price" but Musk "refused because Twitter attempted to put certain self-serving conditions on the deal." He didn't elaborate on what those conditions were. Twitter hasn't described the talks beyond what its attorneys have said in court.
Twitter's shares fell $1.91, or 3.7 per cent, to close at $49.39 on Thursday. It was the stock's second day of declines following a surge of more than 22 per cent on Tuesday after Musk made his renewed offer to buy the company.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Hurricane Milton is expected to leave a path of devastation across central Florida, from Tampa in the west to Daytona Beach in the east.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
The minority Liberal government is not considering proroguing Parliament, Deputy Prime Minister Chrystia Freeland said Tuesday, despite persisting uncertainty over who is willing to keep propping them up and procedural wrangling over a Conservative led-privilege debate.
The Ontario Ministry of Health says four people have been sickened after consuming beef tongue believed to be contaminated with listeria.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
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Emotions boiled over after a judge acquitted two out of three defendants in a manslaughter case, while the third accused has since died.
On September 11, Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
On September 11, Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
Political leaders are condemning what they describe as "hateful rhetoric" from a speaker at a pro-Palestinian rally in Vancouver who told the crowd that 'we are Hezbollah and we are Hamas.'
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
Elections BC is reissuing new 'where to vote' cards to some residents after an administrative error mistakenly recommended voting places that were farther from homes than necessary.
The province鈥檚 consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
The Dominican Republic said Tuesday it has deported or repatriated nearly 11,000 Haitians in the past week, fulfilling a pledge to do so weekly as neighboring Haiti scrambles to handle the influx while besieged by gang violence and poverty.
Florida gas stations struggled to keep up with demand Tuesday as long lines and empty pumps compounded the stress for residents planning to hunker down or flee as Hurricane Milton approached the state's western coast.
The FBI has arrested an Afghan man who officials say was inspired by the Islamic State and was plotting an Election Day attack targeting large crowds in the U.S., the Justice Department said Tuesday.
Donald Trump has had as many as seven private phone calls with Vladimir Putin since leaving office and secretly sent the Russian president COVID-19 test machines during the height of the pandemic, Bob Woodward reported in his new book, 'War.'
A former New York City official was charged Tuesday with witness tampering and destroying evidence in a federal investigation that led to Mayor Eric Adams鈥 bribery indictment. The arrest came amid yet more high-profile departures from Adams' administration as federal prosecutors delve deeper into allegations that the mayor was involved in a coverup.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
The minority Liberal government is not considering proroguing Parliament, Deputy Prime Minister Chrystia Freeland said Tuesday, despite persisting uncertainty over who is willing to keep propping them up and procedural wrangling over a Conservative led-privilege debate.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
Conservative Leader Pierre Poilievre is not allowed to speak in the House of Commons today as his public feud with Foreign Affairs Minister M茅lanie Joly spilled into a second day.
The Ontario Ministry of Health says four people have been sickened after consuming beef tongue believed to be contaminated with listeria.
One in eight women will be diagnosed with invasive breast cancer in their lifetimes, according to the American Cancer Society. Breast cancer is the second leading cause of cancer death for women in the United States, with 42,000 women dying every year from this cancer.
A new report that looks at the sex lives of Canadian youth suggests more needs to be done to encourage safe sex, including reversing a decrease in condom use.
The Brazilian Supreme Court's Justice Alexandre de Moraes on Tuesday authorized the restoration of social media platform X麓s service in Brazil, over a month after its nationwide shutdown, according to a statement posted on the court's website.
Geoffrey Hinton, the British Canadian computer scientist whose machine learning discoveries have proved so profound he's known as the 'godfather of AI,' has won the Nobel Prize in physics.
A device used by researchers with Fisheries and Oceans Canada appears to have been the victim of an attack by a great white shark 300 metres under water off the coast of Nova Scotia.
An elevator mechanic mistakenly threw out a piece of artwork, made to look like empty beer cans, assuming it was litter, a Dutch museum revealed earlier this month.
Sum 41 lead singer Deryck Whibley alleges in his new memoir that he was pressured into a secret sexual relationship with his former manager, Treble Charger frontman Greig Nori.
Cissy Houston, the mother of the late Whitney Houston and a two-time Grammy winner who performed alongside superstar musicians like Elvis Presley, and Aretha Franklin, has died. She was 91.
Statistics Canada says the country posted a merchandise trade deficit of $1.1 billion in August as lower oil prices weighed on exports.
A new report from the Canadian Chamber of Commerce is sending a stark warning ahead of the U.S. presidential election, saying protectionist policies like Donald Trump's proposed tariffs could damage economies on both sides of the border.
A Toronto senior says she can鈥檛 believe that two roofers took advantage of her, despite knowing she was recently widowed and suffering from a painful disability.
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
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The NFL's Tampa Bay Buccaneers and NHL's Tampa Bay Lightning have left Florida ahead of Hurricane Milton to practice the rest of the week.
RJ Barrett will miss the rest of the Toronto Raptors' pre-season with an injury.
New York Jets owner Woody Johnson made the stunning decision Tuesday to fire Saleh five games into his fourth season after the team's 2-3 start following a 23-17 loss to Minnesota in London on Sunday.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new 鈥渋ncubator program鈥. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
New data from the Insurance Bureau of Canada (IBC) shows that even though claims for auto theft dropped in the first half of 2024 compared to their 2023 peak, the rates of reported theft remain well above those of years prior.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A B.C. couple is getting desperate 鈥 and creative 鈥 in their search for their missing dog.
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Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
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Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.
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The leaders of B.C.'s three main political parties will be facing off Tuesday evening for their first and only televised debate ahead of the Oct. 19 election. Here's what viewers can expect.
More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
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An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada鈥檚 institutions are slipping down its list.
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After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
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After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
Speaking in front of the Strategic Priorities and Policy Committee, London Police Services (LPS) Chief Thai Truong gave an update on policing Tuesday.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
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Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
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A retrial date has been set for a man accused of fatally shooting a rival gang member and an innocent teen passerby in Vancouver in 2018.
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The Federation of Northern Ontario Municipalities (FONOM) is the latest organization to call on the Doug Ford government to re-open dialogue with an airline service that transports lower-income Canadians to crucial medical care far from home.
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A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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