In a major market development, Twitter shareholders on Tuesday voted to approve Tesla CEO Elon Musk's USD 44 billion takeover bid. The vote took place as Musk's legal team fought to break out of the agreement in court.
Twitter has sued Elon Musk for allegedly breaching the deal agreement.
The vote lets Twitter carry on with a lawsuit intended to make Musk close the acquisition. A preliminary count indicates that it has enough votes to accept the agreement, as per reports.
The vote permits Twitter to carry forward a lawsuit meant to force Musk to terminate the transaction. Mid-October is when the court battle is anticipated to begin.
With the ruling, Musk and Twitter can now move forward with a trial scheduled for the Delaware Court of Chancery in October.
The reports said that Twitter "would seek to clinch the transaction nevertheless, arguing that Musk's reservations are really a pretext for walking away." The vote case was being discussed while US Senate committee witness Peter Zatko, a Twitter leaker, testified.
The Twitter trial is scheduled to begin on October 17, but the Tesla CEO is attempting to buy extra time from the judge by referring to Zatko's testimony.
A revised schedule put forth by Musk's legal team would postpone the week-long trial until late November.
According to the former head of Twitter's security, the company deceived regulators about its security procedures and the actual number of bot accounts. Musk said, the evidence of a Twitter leaker explains his decision to renegotiate the USD 44 billion purchase agreement for the microblogging service.
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