The monthslong saga over Elon Musk's bid to buy Twitter Inc. could come to a close this week with a deadline looming for the parties to complete the $44 billion takeover.
Mr. Musk's on-and-off pursuit of Twitter has taken different turns in recent months. Here's what you need to know as the deal by the Tesla Inc. chief executive may be reaching the finish line.
What is the deadline Friday?
Chancellor Kathaleen McCormick, the judge overseeing the legal fight in Delaware, said if the deal doesn't close by 5 p.m. ET Friday, the parties should contact her to schedule a November trial.
She had previously denied attempts by Mr. Musk to delay the trial and had fast-tracked it at Twitter's request.
What happens if Musk doesn't complete his takeover by the Friday deadline?
If Mr. Musk doesn't close the deal by the deadline, the litigation would resume, said Eric Talley, a professor at Columbia Law School.
And, if Mr. Musk tried to close the deal a few days later, he would have to get the judge's permission -- again -- to pause the case.
"They would have to come back in front of the court and petition the judge to put another stay on it," Mr. Talley said.
How did we get here?
Musk agreed to buy Twitter in April for $44 billion. He later moved to get out of the deal, saying -- among other things -- that Twitter had misrepresented the number of spam and fake accounts on its platform, which Twitter denied.
Twitter sued him over the summer, and he countersued.
Earlier this month, the billionaire offered to close his acquisition at the original price of $54.20 a share, a sudden and unexpected reversal two weeks before a high-stakes, nonjury trial was set to start over the stalled deal.
The Delaware judge presiding over the clash postponed the trial, granting a request from Mr. Musk, who said the banks financing the takeover were preparing to close the deal.
If the deal hasn't closed, when could a trial start?
If the transaction hasn't closed by Friday, the Delaware judge overseeing the case said she would schedule a trial for sometime in November.
The previous trial was scheduled to take five days starting Oct. 17.
What will Twitter's public disclosure requirements be for financial information once it is a private company?
Twitter won't be required to report its financial information to the Securities and Exchange Commission. It could still be subject to inquiries by the U.S. or foreign governments for other reasons.
How long after the acquisition is completed will Twitter stop trading?
Once the deal is completed, Twitter will be a private company, and its shares will stop trading immediately.
When did Twitter go public?
Twitter, founded in 2006 in San Francisco, had its initial public offering in November 2013. The deal priced at $26 a share.
Lauren Thomas contributed to this article.
