The social media company aims to file suit early this week, according to sources.
Katz as it races to sue Elon Musk for moving to dump his $US44 billion takeover of the company, according to people familiar with the matter., according to the people, who declined to be identified because the matter is private. By hiring Wachtell, it gains access to lawyers including Bill Savitt and Leo Strine, who served as chancellor of the Delaware Chancery Court, where the case will be heard.
An official for Wachtell Lipton declined to comment, and officials for Quinn Emanuel could not be reached. A Twitter spokesperson declined to comment. Mr Musk and Jared Birchall, the head of his family office, did not respond to a request for comment. Mr Strine, who spent more than 20 years working in the Delaware courts, most recently as chief justice of that state’s Supreme Court, helped shape the legal norms that Mr Musk will seek to test by terminating his agreement to acquire Twitter. Mr Strine joined Wachtell in 2020.
In 2000, Tyson Foods agreed to acquire rival IPB. Soon after agreeing to the deal, the meat market suffered a precipitous downturn, affecting both companies financially. Tyson argued it had been given misleading information about IBP’s business and was thus no longer obliged to complete the $US3.2 billion merger.In court, Mr Strine disagreed that there had been a material adverse change and ruled that Tyson must follow through with the deal.
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