Majority shareholders of the ailing Market Basket chain continued to haggle over interim leadership and other aspects of a buyout offer from ousted CEO Arthur T. Demoulas, as doubts began to emerge about whether the two parties led by rival cousins will be able to settle.
"Any reasonable person would begin to put into question whether or not this is going to happen, whether Artie T. will be able to put this together," said Richard Nicolazzo of the firm Nicolazzo & Associates, which has advised companies such as MetLife and Nortek in acquisition deals. "If past is prologue, I'm not optimistic. I think that this has been a situation where it's no longer a rational or economic discussion. It's about, 'You're not going to win at any cost,' even if it means putting this company into some kind of reorganization.'"
Details remained scant yesterday on what is holding up the deal, though experts say it's likely Market Basket's 50.5 percent shareholders — led by Arthur S. Demoulas — are doing diligence on a bid submitted Friday before sending it to the board for final approval.
But sources told the Herald a key sticking point remains who will control the company between an agreement and the closing of Arthur T.'s proposed leveraged buyout. Arthur T. has rejected an interim leadership post in the past, saying it amounts to a maneuver to stabilize the company so it will be more attractive to other bidders.
Gov. Deval Patrick, who had called on the parties to reach a pact by this past Friday, did not respond to a request for comment yesterday.
A spokesman for New Hampshire Gov. Maggie Hassan said yesterday she "continues to encourage both sides to reach a constructive resolution and remains hopeful that an agreement will be reached to keep the dedicated workers employed and minimize the impact on customers and other affected businesses."
State Rep. David Nangle (D-Lowell) said he thinks "there is a sense of frustration starting to set in" with the length of the talks.
"I know the sentiment out there is frustration right now amongst customers, amongst vendors. The employees, they seem to be holding strong," Nangle said. "We need to get something resolved quickly."
Nicolazzo said it doesn't appear Arthur T.'s bid was stipulated on a particular drop-dead date, which he said is common in such talks and often forces a bidder to pay "drop-dead fees" to legal and financial advisers if an offer is rejected.
"What appears to be happening is that this whole conversation is lacking in good judgment, common sense and good business acumen," Nicolazzo said. "It's like a family fight that's gone public, that's gone completely out of control."
Hanging in the balance are 25,000 jobs in 71 stores across New England.
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