Advertisement Arthur T. Demoulas pushes for Market Basket deal before it's 'too late' Ousted CEO says talks are continuing Share Shares Copy Link Copy

The former CEO of the Market Basket supermarket chain who is attempting to regain control of the company from relatives says "onerous" terms are preventing him from buying a controlling share from those family members.Watch reportArthur T. Demoulas fired back against shareholders led by Arthur S. Demoulas, who said Saturday that he wasn’t negotiating in good faith, and added that he’s made an offer at the board’s asking price, at a valuation determined before the crisis.Survey: Supermarkets with lowest prices“Arthur T. Demoulas reaffirms his desire and good faith for completing the purchase of the 50.5% of DSM,” a spokesman said in a statement. “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.”Photo timeline of Market Basket standoffThe spokesman also said Arthur T. Demoulas hopes that the next communication from the board to the media “is to announce that his bid has been accepted and that he and his whole team are going in to stabilize the company.”Read full statement“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,” the statement read.As the Market Basket dispute, which has temporarily cost some 20,000 part-time workers their jobs, enters its fifth week, an industry expert tells NewsCenter 5 that Arthur S. Demoulas has little choice left but to sell to his rival cousin."There's only one way out of this for them, and it's right in front of them," said Kevin Griffin, editor of The Griffin Report of Food Marketing. "The deal's on the table. So get it done already."Griffin told NewsCenter 5's Liam Martin that, by any measure, the ongoing Market Basket saga has become a disaster -- both for the company, and for its workers."From an industry perspective -- this place is coming unglued," he said, noting that empty shelves at the grocery giant and a customer boycott have slashed sales more than 90 percent.So why can't the two sides -- Arthur T. Demoulas and Arthur S. Demoulas, rivals for a long time -- get a deal done? Griffin said Arthur T.'s offer price to buy the company has been accepted, but Arthur S.'s side has levied burdensome terms on the loan for that purchase."My understanding is that the terms have been put forth as an opportunity to really turn the screws. They know Arthur T. Demoulas wants it badly," Griffin said.But Griffin believes Arthur S. Demoulas, who controls the board and the shareholders, can only hold out for so long. They issued a statement Saturday claiming there are other offers on the table, but Griffin doesn't buy it."You tell me how you put a deal together with a company that's driving off a cliff. I don't see another deal happening," arguing the offer from Arthur T. Demoulas is likely the only option left for the current board and shareholders.Arthur S.'s representatives, for their part, have said his proposal to Arthur T. is more than fair."The Class A Shareholders, including trustees with fiduciary duties, have offered to provide financing for Arthur T. Demoulas' purchase if he does not have enough cash to close," they said in a statement. "The terms included an interest bearing loan secured by collateral that has an acceptable payment schedule. We have been advised that it would be irresponsible to make a loan without collateral, interest or a payment schedule, similar to terms that would apply to any traditional bank loan."As the dispute drags on, as many as 20,000 Market Basket part-time workers are off the job Sunday at the request of the company's two CEOs, and they don't know when they'll be back.