Elon Musk has agreed to acquire Twitter for the original offer price of $54.20 per share, rather than continue a court fight.
On Monday, lawyers for Musk sent a letter to Twitter about dropping the court battle and continuing with the acquisition as the two parties originally agreed, according to an SEC filing.
Twitter seems ready to accept. In a tweet, the company said: "We received the letter from the Musk parties, which they have filed with the SEC. The intention of the Company is to close the transaction at $54.20 per share."
The news means the long-running saga over whether Musk will buy Twitter may finally be coming to a close. Last month, Twitter’s own shareholders voted to approve Musk’s bid to buy the company at the original $44 billion price.
It’s now up to Musk to supply the promised funding. In August, he sold $6.9 billion in Tesla shares in the event he’s force to acquire the company. He’s also received another $7 billion from friends and supporters, including Oracle CEO Larry Ellison, to back his bid to buy Twitter.
The agreement requires Musk to supply $21 billion in equity financing while another $26 billion will be sourced from bank loans.
So far, Musk hasn’t tweeted about re-floating his proposal to buy Twitter. But there’s already speculation the Tesla CEO was ready to end the court battle over concerns that more of his private texts about the Twitter acquisition would become public if he continued on with what would be an expensive legal fight.