Elon Musk proposed to move forward with the Twitter deal at $54.20 per share.

According to Bloomberg News, Elon Musk is putting forth a takeover proposal for Twitter Inc. at a first offer price of $54.20.

Before trading was suspended for the day, Twitter shares increased 12.7% to $47.93, while Tesla Inc., the electric car company that Musk is the CEO of, decreased by about 3%.

According to Bloomberg, Musk made the suggestion in a letter to Twitter, alluding to those who wanted not to be identified as looking at classified data.

Reuters’ requests for comment from Twitter and Musk’s legal counsel were not promptly fulfilled.

The information comes ahead of a highly anticipated confrontation between Musk and Twitter at Delaware’s Court of Chancery on October 17, in which the virtual entertainment company was scheduled to seek a request directing Musk to conclude the talks at $54.20 per share.

Musk agreed to buy Twitter for $44 billion in April, but within a few weeks claimed that the proportion of bot accounts was much higher than Twitter’s estimate of 5% of users.