Following rumors that Elon Musk will move on with his $44 billion proposal to acquire the company after months of legal disputes, trading in Twitter shares was suspended.
Bloomberg was the first to report the news based on unnamed sources.
Musk proposed paying $54.20 to acquire the San Francisco business. Before trading ceased, shares increased by over 13% to $47.95.
According to the report from Tuesday, Musk wrote a letter to Twitter promising to close the acquisition at the initial price, which has already received shareholder approval.
On Tuesday, queries for comments from Twitter were not promptly answered.
On October 17, Delaware Chancery Court will open the trial intended to compel Musk to acquire Twitter.
Musk has relied chiefly on his claim that Twitter misrepresented how it calculates the number of “spam bot” accounts useless to advertisers to win the case and walk away from the agreement.
However, most legal experts thought he would have difficulty persuading the court’s chief judge, Chancellor Kathaleen St. Jude McCormick, that the April merger agreement should be terminated because of some new development.