Progress seen on Market Basket Arthur T. Demoulas offers $1.5 billion for Market Basket

[graywarrior]

(snip)

“It’s time to complete this deal so we can all go back to doing what we love doing, and that’s running Market Basket,” Arthur T. Demoulas told the Globe on Friday. He added later in a statement that “there is nothing that stands in the way of getting this done this weekend.”



http://www.bostonglobe.com/business/2014/08/22/demoulas/MwC4vzWVHhW73nva23dvHO/story.html


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For those concerned that our company would be beholden to ASD or that a deal was signed with the devil, here is ATD's statement.

"Arthur T.’s offer, outlined for the Globe by his advisers on Friday, removed a key stumbling block by providing a letter from a private equity firm prepared to lend more than $500 million to help buy the remaining half of the company. The identity of the firm was not disclosed.
That money would replace seller financing that previously would have been provided by Arthur S. and other opposing relatives to help make the deal work. The rest of the $1.5 billion would come from a cash payment by Arthur T. and his sisters, as well as a mortgage loan secured by the supermarket company’s real estate, his advisers said."

[wandy]

1. K&R

[Downwinder]

2. Better finish it up, the Globe says this is my last free article.

Hope someone has a muzzle on Arthur S. and that they are no assuming too much debt.

[graywarrior]

3. Clear your cookies coz there'll be a lot more news to follow

Arthur S will no longer be involved. Besides, he's getting married this weekend. Lucky bride.

LOL, I wish them the best.
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[Downwinder]

4. Cleared. Waiting for the next installment.

As good as One Man's Family and as long lasting.

[graywarrior]

5. Cool!

[valerief]

7. There's always Boston.com. nt

[Downwinder]

8. Boston.com sends me to the Globe.

[valerief]

9. Really? It doesn't do that to me. I have to click the Globe link to get there.

Haven't a clue what would cause that.

[Downwinder]

10. Perhaps because I wanted to read the full report and clicked on

"Read the full Globe report here."

[valerief]

11. Bwahaha. Yeah, that'd do it. nt

[rhett o rick]

6. k&r. Thanks for posting. nm

[MannyGoldstein]

12. Private equity?

Ugh.

Let's hope for the best!

[Springslips]

13. That's the fly in the ointment.

The lenders will have a say in how the business is ran. Also, and call me cynical if you will, but it is somewhat reasonable to suspect that ATD's generosity the last few years were influenced by the family struggle, and ATD was hedging bets by gaining support from the rank and file. Now that that might be done with, who knows if his management style will 'change.' If you read about the decades old family struggle you will see ATD wasn't always the good guy. There was attempted manipulation of the process of his team at one point that seemed a little sociopathic--just cause to pay attention.

I had hoped the workers would use this new found solidarity to unionize. That way they'd have an institution to advocate for their interests. But it seems to be an unpopular thing to MB associates. For them it's ATD or bust; I just hope it is not a case of win the battle, lose the war.

[graywarrior]

14. He's out shaking hands right now

They've had a traumatic family history with mistakes on both sides. I choose to see the good side. It's all good.

[Springslips]

20. Good point.

Still, a union would help them cover bases just in case.

[MannyGoldstein]

18. I suspect that everything you say is true

There's some upside, though, in that the workers now know they can organize and kick ass, and they'll hopefully have the confidence to kick ATD's ass if needed.

[Springslips]

19. That is the bright side

It would still had been a good thing to unionize--just in case.

[Agschmid]

17. It will be Hannafords holding company.

Almost guaranteed.

[graywarrior]

15. Workers are being called to come back to work tomorrow

[graywarrior]

16. Little news dittie

Confirmed just drove to Chelmsford spoke to workers. Arty T was there outside shaking hands on the sidewalk. "Hang in there a little bit longer" he stated to employees!