A spokesman for the company told DailyMail.com on Tuesday afternoon: ‘We received the letter from the Musk parties which they have filed with the SEC.
‘The intention of the Company is to close the transaction at $54.20 per share.’
Had he lost, he would have been ordered by a Delaware court to go ahead with the sale after a costly and embarrassing battle.
If the deal goes through, Musk would own the company within a matter of weeks. He has not commented publicly about the new offer.
Trading of shares was halted on Tuesday as news of his offer emerged and drove the company’s share price up by 13 percent.
Musk’s original offer in April was to buy the company for $44billion – 38 percent more than what the market said it was worth at the time.
Twitter sued him for attempting to back out and the two sides were due to fight it out at a civil trial in just a few weeks.
Tuesday’s new proposal signals an end to that dispute, though it’s unclear what prompted Musk to change his mind.
He now is likely to own the company within days, sources cited by CNBC said.
It comes within days of super-agent Ari Emanuel, one of Musk’s friends, urging Twitter to come to a settlement with him ahead of the court date.
Hollywood titan Emanuel recently contacted Egon Durban, a member of Twitter’s board, urging him to end the dispute.
Emanuel is friends with both Musk and Durban, who sits on the board of his company, Endeavor.
Musk’s retreat from the court battle signals a surprising end to the months-long saga.
In April, Musk announced that he was Twitter’s largest shareholder, owning 9.2 percent of the company.
He then proposed buying the company, speaking publicly about how tired he’d become of its bias and its squashing of free speech.
Months of toeing and froing ensued and Twitter employees were driven into a meltdown at the thought of unpredictable Musk becoming their new boss.