Disagreement continues over Market Basket sale
Market Basket’s board of directors have yet to reach an agreement over the proposed sale of the Massachusetts-based supermarket chain to ousted CEO Arthur T. Demoulas.
The Boston Globe reported that the board was unable to resolve negotiations over the $1.5 billion sale in a Monday night meeting, despite previous statements from Arthur T. and others that indicated a deal was expected to happen this past weekend.
Arthur T., who remains the minority shareholder, told the newspaper last week that "there is nothing that stands in the way of getting this done this weekend." He must reach a sale agreement with his cousin and majority shareholder, Arthur S., before the board can act, the Globe has noted.
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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