This is actually a fairly weak argument, which is not to say it's an ineffective one. "Morning Joe" (somebody on there; who pays attention?) just opined the Twitter board will accept a lower price v. a long legal fight. However, it's my understanding this deal has a $1 billion dollar breach condition, and this letter begins a counter-suit claiming that breach.Elon Musk sent a new letter to Twitter, saying the spam bot stuff "is a clear material breach of Twitter’s obligations under the merger agreement... Musk reserves all rights resulting therefrom, including his right not to consummate the transaction..." https://t.co/Z0zU6WDX33
— Alex Weprin (@alexweprin) June 6, 2022
T-Mobile became the cell phone provider it is today when ATT was forced to drop its merger with T-Mobile. ATT had to pay a penalty, which they ponied up, and T-Mobile took it to the bank.
If those reports are right, $1 billion pays a lot of attorney's fees. That's a strong incentive for the Board to insist on the deal.
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