THE Ίλον Μασκ will have to pay compensation of a billion dollars in Twitter Incin the event that it terminates the $ 44 billion deal (41.33 billion euros) for the acquisition of the company, was mentioned yesterday in relevant documents.
One of the conditions for the payment of compensation by Musk is related to possible failure of the agreement, due to share capital difficulties, debt or restrictions on loan financing required to cover the redemption amount, according to the same documents.
Twitter Inc. announced Monday that Musk has secured $ 25.5 billion in lending and is providing a $ 21 billion equity commitment.
The Twitter company can not accept a takeover offer from another interested partywhile paying the same compensation for the termination of this agreement under special conditions, as stated in the documents.
These documents indicated that the agreement could be terminated if not completed by October 24th. The deadline can be extended for six months, in order to be covered special conditions related to compliance with antitrust rules, but also approvals regarding foreign investment.
Musk is the executive director of the electric vehicle company Tesla Inc, while a Twitter acquisition deal closed on Monday. The agreement provides for transfer of control of the social media used by millions of users, but also world leaders, to the richest man in the world.
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