The takeover of the social network Twitter by the American billionaire Elon Musk cannot be completed for three years. At least that’s what a Florida police pension fund claims that has filed a lawsuit against the $44 billion takeover plan.
The Orlando police pension fund filed a lawsuit in the US state of Delaware on Thursday. According to the plaintiff, Elon Musk had made certain agreements with other major Twitter shareholders, including founder Jack Dorsey, when he launched his takeover bid. That would have given it “interested shareholder” status, triggering a Delaware law that delays such transactions by three years, the fund claims.
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