A judge on Thursday delayed a looming trial between Twitter and Elon Musk, giving Musk more time to close his $44 billion deal to buy the company after months spent fighting to get out of it, The Associated Press reported.
Chancellor Kathaleen St. Jude McCormick, head of the Delaware Chancery Court, said that Musk has until October 28 to close the deal. A trial set for Oct. 17 will happen in November if he does not, she said.
The ruling came hours after Twitter asked the Delaware court to proceed with the trial against Musk, saying the billionaire refuses to accept the "contractual obligations" of his April agreement to buy the social media company for $44 billion.
Musk announced in July that he was backing out of the deal to purchase Twitter, agreed upon in April, after alleging the firm failed to provide enough information on fake account numbers.
Twitter fired back at Musk and said his bid to terminate the acquisition of the social media company is “invalid and wrongful.”
A day later, the social media company sued Musk in the Delaware Court of Chancery to force him to go through with the deal.
However, earlier this week Musk reversed course and again proposed to buy Twitter for $54.20 a share.
Twitter’s attorneys sent a letter on Thursday to the Delaware Chancery Court’s head judge, not long after Musk’s legal team asked her to call off the trial while he works on a renewed bid to buy the company.
Twitter disputed Musk’s claim that the San Francisco-based company is refusing to accept the new bid.
Musk’s attorneys said earlier on Thursday that the trial should be adjourned to leave more time for Musk to secure the financing.
"Twitter will not take yes for an answer," said the court filing signed by Musk attorney Edward Micheletti. "Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders’ interests."