By 
Representatives of Twitter Inc.
TWTR,
-3.72%
and Elon Musk continued Thursday to work to hammer out an agreement that would allow the billionaire’s purchase of the social-media company to proceed, with the parties racing to seal a pact by Monday, a person familiar with the matter said.
Musk effectively kicked off the negotiations earlier this week with his surprise proposal to close the deal at its original price after seeking for months to get out of it.
The negotiations, which follow an earlier effort to negotiate a lower price, are focused on ensuring that Musk’s debt financing will remain in place and on conditions to stay litigation over the deal until it closes, as The Wall Street Journal reported Wednesday. Musk is now requesting that the deal be contingent on his receipt of the necessary debt financing.
The lawyers are trying to reach an agreement that would pause a trial planned for Oct. 17 in the next few days, the person said. That would avert a deposition from Musk, which after being postponed is now scheduled for Monday.
The idea is to put the litigation on hold until the deal closes, at which point it would be dropped. That could take days or a few weeks. The two sides remain in active dialogue and things could change quickly, the person cautioned.
An expanded version of this report appears on WSJ.com.
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