Elon Musk’s deal to buy Twitter is back in the latest development in the takeover saga. The billionaire agreed to pay his original offer of $54.20 a share in a letter to the social media network on Tuesday.
The letter stated: “Musk parties intend to complete the transaction…and postpone the trial and all other proceedings.”
A Twitter spokesperson said: “We have received the letter from the Musk parties that they have filed with the SEC.
“It is the company’s intent to close the transaction at $54.20 per share.”
It comes just weeks before a lawsuit was due to begin after the Tesla founder attempted to pull out of the agreement.
The richest man in the world made his takeover offer in April to buy Twitter for $44 billion (£38.4 billion).
But in July, he tried to walk away from the deal, claiming the number of fake accounts on the platform was higher than Twitter said, which the social media platform denied.
Twitter sued Musk in Delaware Chancery Court and the two parties were set to appear in court on October 17.
Earlier on Tuesday, trading in Twitter shares was paused after the price skyrocketed following reports that the deal went through.
Meanwhile, shares of Musk’s electric car company fell over fears he would have to sell some of his shares to fund the acquisition.
Wedbush Securities analyst Dan Ives said Musk’s chance of winning in court was “highly unlikely”.
Mr Ives said: “Being forced to close the deal after a long and ugly lawsuit in Delaware was not an ideal scenario and instead, accepting this path and going ahead with the deal will avoid a huge legal headache.”