As usual the media takes what they want from a press release and sensationalizes it. Channel 7s headline on this statement was Arthur T Demoulas bid rejected by the Company After reading this we hope the MB Faithful have a better understanding of exactly where ATD and we stand. Press Release From ATD 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. However, he cannot allow false information to have a negative impact on Market Basket Associates and other stakeholders and therefore I will clarify the following on his behalf. 1. Discussions continued today with representatives of the Board and their advisors. 2. Arthur T Demoulas reaffirms his desire and good faith for completing the purchase of the 50.5% of DSM. Those terms include an offer at their asking price, at a valuation determined pre-crisis. 3. Thus far, his offers have been rejected, not on the basis of price, but with counterproposals that have been laden with onerous terms that are far beyond comparable transactions. 4. It is Arthur T Demoulas hope that the Arthur S Demoulas family will come to the table to reach a final agreement on reasonable terms before it is too late to save this company. 5. He further hopes that the next time either side is communicating in the press, it is to announce that his bid has been accepted and that he and his whole team are going in to stabilize the company. This statement from ATD was after negotiations today and in response to the statement by both the BOD and Class A Shareholders earlier this weekend. We now know that ATD and the Class B Shareholders are holding the agreed to price before the walkout and boycott. We also know, as we suspected, that the Class A Shareholders keep countering with terms that are just not workable. To the Class A Shareholders, ASD, Fotene, Dianna, Rafaela and Vanessa and to the BOD, Keith Cowan, Ron Weiner, Eric Gebaide and Gerard Levins. Wake up and read the news, talk to your co-CEOs, ask them how much business and cash flow are down, ask them how much longer this company will be viable. You stand to lose it all, are you prepared for that? We, the Associates, Customers and Partners of DSM are in this until ATD is back in full authority, your arrogance fuels our resolve, havent you figured that out yet. Do the right thing by everybody before it is too late. 2 million customers, 25,000 Associates and countless others are not wrong. To ATD and the Class B shareholders, we know this has been a tremendous ordeal on all of us and we can only imagine how tough this is on you. Keep the faith, we have your back until you are back where you belong, in the drivers seat. To the MB Faithful, keep the pickets going at your stores and the office, keep the boycott going customers, you have become the face of this fight and without you we wouldnt have a chance at winning this fight.
Posted on: Sun, 10 Aug 2014 23:39:46 +0000
Trending Topics
Recently Viewed Topics
© 2015