Twitter would have chosen the law firm Wachtell, Lipton, Rosen & Katz, which is notably at the origin of the “poison pill” to sue Elon Musk. The latter would also have already chosen his lawyers.
While Elon Musk has given up buying Twitter for 44 billion dollars accusing the social network of having lied about the figures, a long legal battle is looming on the horizon. Twitter has decided to sue the eccentric American billionaire for breach of acquisition contract. The company would even have already chosen the lawyers who will represent it in court. According to a new report from Bloomberg, Twitter would have called on Wachtell, Lipton, Rosen & Katza famous law firm which notably invented the “poison pill”.
In financial jargon, the poison pill is a deterrent strategy which aims to protect a company against an external and/or hostile takeover. Twitter would have already adopted this poison pill strategy when Elon Musk announced his desire to buy the social network. Indeed, Twitter was initially strongly opposed to the takeover proposal before changing its mind.
The legal battle between Twitter and Elon Musk promises to be tough with such competent lawyers
According to Bloomberg’s report, Twitter is planning to file a lawsuit against Elon Musk this week in Delaware Court of Chancery, famous American business court. Bret Taylor who is the chairman of the board of directors of Twitter has also tweeted this weekend that: ” Twitter’s board of directors agrees to complete the transaction at the price and terms agreed with Mr. Musk and plans to take legal action to enforce the merger agreement “.
Twitter would have hired two lawyers from the firm Wachtell, Lipton, Rosen & Katz. The first is William Savitt who has previously represented companies like Anthem and Sotheby’s in Delaware court. The second lawyer is Leo Strine who has over 20 years of experience in the Delaware Court of Chancery. Prior to joining Wachtell, Lipton, Rosen & Katz in 2020, Leo Strine was Chief Justice of the Court of Chancery.
On his side, Elon Musk reportedly taps global law firm Quinn Emanuel Urquhart & Sullivan. He notably managed Samsung’s defense against Apple, which accused Galaxy smartphones of copying the iPhone. Indeed, Apple has always accused Samsung of copying the iPhone by “putting a bigger screen around it”. Quinn Emanuel Urquhart & Sullivan has also repeatedly defended Elon Musk following the repercussions of his worst tweets. There was in particular the insult of the British speleologist called “pedo guy” in 2018 or the tweet to withdraw Tesla from the Stock Exchange also in 2018.
Source: The Verge