Elon Musk Offers Deal To Buy Twitter At Original Deal Price

(RTTNews) - Tesla (TSLA) CEO Elon Musk has taken a U-turn and has again proposed to Twitter Inc. (TWTR) to acquire the company for the originally agreed price of $54.20 per share.

In an SEC filing, Musk proposed to proceed with the acquisition on the original terms, pending receipt of the debt financing for the deal and provided that the Delaware Chancery Court stay the litigation proceedings over Musk's initial attempt to pull out of the deal.

The news comes as the two sides have been preparing to head to trial in two weeks over Musk's attempt to terminate of the $44 billion acquisition agreement, which Twitter had sued him to complete.

In April, Twitter had agreed to sell the company to Musk. However, in July, Musk decided to call off the deal over allegations that the company had given false information about the number of fake and spam accounts on its social media handle. Following Musk's declaration, Twitter filed a case against Musk to go ahead with his side of the deal.

The social media company issued a statement saying it had received the letter and said, "The intention of the Company is to close the transaction at $54.20 per share."