Elon Musk has offered to close his acquisition of Twitter Inc. TWTR 12.67%▲ on the terms he originally agreed to, according to a person familiar with the matter, a sudden and unexpected comedown for the billionaire entrepreneur that could end a monthslong battle he has waged to get out of the $44 billion deal.

Mr. Musk’s lawyers communicated the proposal to Twitter’s lawyers overnight Monday and filed a letter confidentially with the Delaware Chancery Court ahead of an emergency hearing on the matter Tuesday, the person said.

The two sides are discussing how to ensure the deal can be closed. The judge overseeing the case requested they come back to her by the end of the day with a potential plan that would allow the litigation to be dropped, the person said.

Should the parties agree, the proposal would enable them to avert a high-stakes trial set to begin soon and potentially finalize the deal within days. It would represent a major victory for the social-media company.... Read More: WSJ