(Reuters) – Elon Musk has said he intends to terminate his $44 billion deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.
Twitter said it would pursue legal action to enforce the deal.
Below is a snapshot of the Twitter takeover saga.
Date Development Twitter
share
reaction
April 4 Elon Musk discloses over 9% stake in Jumps as
Twitter much as
31%
April 5 Twitter says Musk will join company’s Rises over
board 9%
April 10 Musk says he will not join Twitter Falls 3.3%
board
April 14 Musk offers $54.20/share, a 38% Rises 6%
premium to Twitter’s April 1 closing
price
April 15 Twitter adopts poison pill to protect Gains 1.4%
company from takeover in next
session;
trails
offer by
13%
April 21 Musk lines up $46.5 billion in Adds 2.6%,
financing for the deal but still
trails
Musk’s
offer by
11.5%
April 25 Twitter board accepts Musk’s offer Climbs
~7%;
trades
3.5% below
offer
price
April 29 Musk sells Tesla shares worth over $8 Rises
billion in a bid to finance takeover 2.3%;
trades
7.3% below
offer
price
May 2 Musk seeks to get more external Falls 0.8%
investors in the
next
session;
trades
~10% below
offer
price
May 5 Musk discloses $7.14 billion funding; Rises
sources tell Reuters that Musk could 4.4%;
temporarily lead Twitter after deal trades
closes 5.5% below
offer
price
May 11 Twitter co-founder Jack Dorsey says he Falls ~6%
will not return as CEO if offered in the
next
session;
trades 20%
below
offer
price
May 13 Musk says Twitter deal on hold pending Drops 11%
review of spam and fake accounts. before
Later tweets that he remains committed paring
to the deal losses;
trades 26%
below
offer
price
May 25 Twitter investors vote against Rises ~6%
re-electing Elon Musk ally to board in the
next
Musk pledges more equity to fund session;
Twitter deal, scraps margin loan trades 27%
below
offer
price
May 26 Musk sued by Twitter investors for Rises ~6%;
stock ‘manipulation’ during takeover trades 27%
bid below
offer
price
May 27 SEC looking into Musk’s Twitter stake Rises 1%;
purchase trades 26%
below
offer
price
Musk threatens to walk
June away from the buyout deal if Twitter Drops 4%;
6 fails to provide data on spam and fake trades 29%
accounts below
offer
price
July 8 Musk said he is terminating the deal
because Twitter breached multiple Falls 7%
provisions of the merger agreement. in
extended
trading
(Reporting by Yuvraj Malik, Akash Sriram and Chavi Mehta in Bengaluru; Editing by Sweta Singh, Devika Syamnath and Sriraj Kalluvila)