Is Twitter spurning a new bid as claimed by Elon Musk?

Twitter is reportedly refusing to accept Elon Musk’s renewed $44 billion bid for the social media company and are asking a Delaware court to halt an upcoming trial. The lawyers of the Tesla billionaire said that Musk made a renewed offer to take over the social media platform earlier this week with the hope to end a protracted legal dispute.

Musk had earlier tried to back out of the April deal following which Twitter sued.

Earlier this week, the San-Francisco based company said that it intends to close the deal at the agreed-upon price, but the two sides are still booked for an Oct 17 trial in Delaware over Musk's earlier attempts to terminate the deal. On Wednesday, the judge presiding over the case said she will continue to press on toward the trial because, at the time, neither side had formally moved to stop it.

Musk's attorneys on Thursday said the trial should be adjourned to leave more time for Musk to secure the financing.

 “Twitter will not take yes for an answer,” said the court filing signed by Musk attorney Edward Micheletti. “Astonishingly, they have insisted on proceeding with this litigation, recklessly putting the deal at risk and gambling with their stockholders' interests.”

It is however unlikely that Twitter, whose shareholders have voted to approve the deal, will walk away from the agreement. Rather, it's likely that Twitter is seeking assurances from Musk's side that this time he's serious and won't walk away again.

Twitter's shares fell $1.91, or 3.7%, to close at $49.39 on Thursday. It was the stock's second day of declines following a surge of more than 22% on Tuesday after Musk made his renewed offer to buy the company.