Twitter will file a lawsuit against American billionaire and entrepreneur Elon Musk to force him to buy the social media company on the agreed terms, Bret Taylor, Twitter's board chair, said on Saturday.

"The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery," Taylor said in a tweet.