That comes after a dramatic 24 hours-plus in the saga of the $44B take-private deal. On Tuesday, Musk pulled something of an about-face and wrote Twitter that he intended to (conditionally) proceed with the acquisition of Twitter at the previously agreed price of $54.20 per share.
The Tuesday news brought a 22% spike in Twitter shares, erasing much of the discount the shares had to Musk’s deal price.
Wednesday afternoon, the judge presiding over Twitter v. Musk et al., Chancellor Kathaleen McCormick, said in a ruling that with no actions from the parties to the contrary, the case was proceeding toward an Oct. 17 trial.
Where Apollo comes in is the question of how quickly Musk can close the deal for Twitter, and with what debt and equity financing. Banks have committed $12.5B in debt toward the deal, while Musk is on the hook for $33.5B that might include any number of equity partners, particularly if you read Musk’s texts with friends about the deal.