Twitter reportedly hires the firm that created the “poison pill” to sue Elon Musk
Image courtesy:Twitter/Twitter
On Monday, Twitter reportedly hired Wachtell, Lipton, Rosen, and Katz, a firm notable enough to have its own Wikipedia page, and a founding partner Martin Lipton, credited with inventing the shareholder rights plan or “poison pill” defense that the company initially used to put the brakes on Musk’s attempted buyout.
Musk on Friday filed a document to attempt to cancel his $ 44 billion take over of Twitter. In response, Twitter chairman Bret Taylor tweeted that the company would stick to legal action to close the deal.
As reported by Bloomberg, Wachtell Lipton’s hiring suggests that Twitter is serious about arguing its case in the Delaware Court of Chancery.
During an appearance at the Sun Valley Conference this weekend, Musk declined to take questions. However, Musk on Twitter responded.
— Elon Musk (@elonmusk) July 11, 2022
According to The Verge, Twitter hired two essential lawyers for its team. One is William Savitt, who has represented companies like Anthem and Sotheby’s in the Delaware court against activist investors. The other is Leo Strine, a former Chancellor of the Delaware Chancery Court with 20 years of experience as a judge in the state’s courts, ending with a stint as the Chief Justice of its state Supreme Court before he joined the firm in 2020.
