For the first time yesterday, former Market Basket CEO Arthur T. Demoulas characterized his offer to buy the beleaguered local grocery chain at the "pre-crisis" value — a undisclosed figure that experts are pegging at about $1.5 billion, an offer they say is difficult for rival shareholders to decline.
In a statement released yesterday, Demoulas said he met the "pre-crisis" asking price for the company, but his offers have been rejected "with counterproposals that have been laden with onerous terms that are far beyond comparable transactions."
"It was Arthur T. Demoulas' hope and intent that this matter not be negotiated in the press. He does not believe that a war of press releases and statements is helpful to this very serious situation," said the statement.
Employees loyal to Arthur T. refused to work until he is brought back as CEO, and customers have stayed away.
Shareholders aligned with Arthur S. Demoulas released a statement Saturday night that they repeatedly offered to sell to Arthur T., and accused the former CEO of acting in bad faith and said they were left with no choice but to look for other sale options.
"I see no other way out of this for the shareholders other than to sell to Arthur T.," said Kevin Griffin of The Griffin Report of Food Marketing, a Duxbury-based trade publication for the food industry. "You have a company that every day is losing money and it's hard to put a price on it. The damage to the brand, the damage to the equity is getting exponentially worse every day."
If the majority shareholders sell to someone other than Arthur T. at a lower price, then the former CEO would have grounds to sue, said supermarket analyst David Livingston of DJL Research in Milwaukee.
"Arthur T. could bring a lawsuit against them for not accepting the highest price," Livingston said. "But we have people who have their emotion and feelings so worked up that the valuation doesn't matter. It's a long way from being over and whatever happens won't have anything to do with common sense."
Griffin estimates the company was worth $3 billion before the effective shutdown of the stores —which suggests Arthur T. may have offered $1.5 billion to buy out his rival family members, he said.
Griffin said the two sides have likely already come to an agreement on the price but are still squabbling over details of the deal, such as closing dates and payment structures.
"I think that these press releases are a lot of posturing," Griffin said. "If I were to try to read the tea leaves, I would say there's a deal coming, but I think it's coming reluctantly because every day that goes by, I think Arthur S. and his side realizes that there's only one deal to be had."
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