Twitter has signed up. The company reportedly hired Wachtell, Lipton, Rosen & Katz, a company notable enough to have its own Wikipedia page, and one of its founders, Martin Lipton, who was credited with inventing the shareholder rights plan or the “poison pill” defense that Twitter initially used to put the brakes on Musk’s attempted buyout.
Elon Musk filed a document Friday seeking to cancel his $44 billion acquisition of Twitter. In response, Twitter chairman Bret Taylor tweeted that the company would take legal action to close the deal as agreed. Wachtell Lipton’s hires, as reported by Bloomberg† suggests Twitter is serious about taking its case to the Delaware Court of Chancery.
Twitter has hired two key lawyers for its team. One is William Savitt, who has represented companies like Anthem and Sotheby’s in Delaware court against activist investors. The other is Leo Strine, a former Chancellor of the Delaware Chancery Court with 20 years of experience as a judge in the state courts, ending with a stint as chief justice of the state supreme court before joining the firm in 2020.
Musk is said to have hired Quinn Emanuel Urquhart & Sullivan, who also got the Wikipedia treatment, and may be more known to roadside readers. It covered Samsung’s defense against Apple’s patent lawsuit alleging the Galaxy devices were just a copy of the iPhone, and has previously defended Musk, in his “pedo guy” defamation lawsuit, as well as the aftermath of his “funding secured” tweet about taking of Tesla privately in matters against the SEC and an pending lawsuit against shareholders.