	dart group flexible on supermarkets sgl bid dart group corp said it told supermarkets general corp sgl it was flexible on the price it would pay to uire the company dart has said it would offer dlrs cash for each sgl share if the sgl board recommended the offer to shareholders sgl has termed the billion dlr offer unsolicited in a letter to sgl dated march dart also said it was denied confidential information on sgl that would be given to other potential bidders sgl officials could not be reached for comment dart said it was advised that a selling brochure for the sale of sgl had been distributed to about potential buyers but not itself these purchasers would also be given access to sgl s books and records and the opportunity to talk with key employees we suspect that one or more of the are leveraged buyout firms said a source close to dart analysts have said sgl management may be considering a leveraged buyout dart said it remains interested in uiring sgl on a friendly basis and reiterated its willingness to negotiate all the terms of its offer dart said sgl representatives said the company has not received any other offer it said it requested the confidential information to better understand sgl but was denied this because it refused to sign an agreement prohibiting it from making a bid for sgl without sgl s approval the agreement would also have limited its ability to buy sgl shares dart said it considered those conditions unreasonable in the interest of trying to negotiate a friendly transaction it said dart has just under five pct of sgl shares dart said it requested the information before its meeting with sgl representatives but held the meetings in the hope representatives would reach an agreement it said it indicated it was flexible on price but was told there were certain issues important to sgl management and while they were not conditions to the deal dart was expected to take them into account in putting together its package it said the issues include an immediate payment of mln dlrs to sgl chairman leonard lieberman executive vice president james dougherty and financial officer murray levine dart said this payment was intended for the three officers severance agreements although there was an implication that lieberman and dougherty would be leaving the company of their own volition dart said under their present agreements none of these officers have any right to such accelerated payments also dart said lieberman dougherty and levine are to be paid mln dlrs to pay their taxes it also said top management s incentive shares were to be accelerated and paid for at a cost of six mln dlrs although there are restrictions on the shares unless waived by the company s compensation committee dart said it was to fund up to five mln dlrs for top management s supplemental retirement plan dart said another issue was to agree to future severance obligations and future salary guarantees for top management estimated at more than mln dlrs in excess of obligations under the company s present policy dart said despite such management payments it agreed to discuss all aspects of its offer and in fact did try to negotiate a transaction at the march meeting with sgl supermarkets general owns the path mark supermarket chain and rickels home centres dart also released a copy of a lawsuit that was being filed by an sgl shareholder seeking to stop sgl from taking such actions as paying greenmail or enacting a poison pill defence the suit also sought to have directors carry out their fiduciary duty greenmail is the payment at a premium for shares held by an unwanted suitor and a poison pill is typically the issue of securities to shareholders which make a takeover more expensive reuter 
