Demoulas to submit final bid for Market Basket
Arthur T. Demoulas, the ousted CEO of Market Basket, is expected to make his final offer to buy the Massachusetts-based supermarket chain today, the Boston Globe reported.
The newspaper said the company’s board of directors will discuss purchase offers and Market Basket’s ongoing crisis in a meeting scheduled for Saturday, noting that it was unclear if any other potential buyers would submit final bids then, though Hannaford supermarkets’ parent company, Delhaize Group SA, has continued to express interest.
The board — which is controlled by majority shareholder and Arthur T.’s cousin Arthur S. — has reportedly rejected previous purchase offers from Arthur T., who, along with other fired management team members, were offered an opportunity to return with diminished roles. Arthur T., a minority shareholder, has been looking to buy the 50.5% stake held by Arthur S. and relatives on his side of the family.
Massachusetts Gov. Deval Patrick and New Hampshire Gov. Maggie Hassan have been working with Market Basket in an attempt to negotiate a sale between the company’s two shareholders, it was previously reported. They said earlier this week that a deal was “within reach,” just as the company lost one of its major seafood vendors, which criticized the feuding company publicly on Facebook.
The board’s ousting of Arthur T. in June prompted a massive boycott by employees and customers of the company’s 71 stores, including Biddeford, its only location in Maine.
Before this summer's boycott had begun, the supermarket chain's entry into Maine had been projected to drive down prices in competing stores as more non-traditional stores vie for the food-purchasing dollars of grocery shoppers, as reported by Mainebiz.
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