A Delaware judge halted a court case against Tesla chief executive Elon Musk over his proposed $44 billion purchase of Twitter, giving the parties more time to complete the deal.
Delaware Chancery Judge Kathaleen McCormick said if the transaction was not done by 5pm local time on October 28, she would set new trial dates in November, according to an order issued Thursday.
The ruling hands a partial victory to Mr Musk, who earlier in the day had asked the judge to pause Twitter’s lawsuit against him before an October 17 trial date.
But it also gives the billionaire a deadline by which he needs to make good on his April agreement to pay $54.20 a share — an obligation he previously tried to abandon.
Shares in San Francisco-based Twitter rose by as much as 3.5 per cent in late trading after the judge’s ruling, a sign of optimism that the order gives Twitter some of the certainty it was seeking.
Acrimony between the parties escalated Thursday, with both sides trading barbs in court filings.
Mr Musk requested a pause in the hearing, saying the social media company “will not take yes for an answer” after he proposed closing the buyout in an October 3 letter. His lawyers focused on an October 28 closing.
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