Market Basket board cancels meeting, prolongs feud
A Market Basket board meeting scheduled for Sunday was called off after the supermarket chain’s shareholders could not reach a final agreement over Arthur T. Demoulas’s $1.5 billion purchase offer to buy 50.5% of the company from his cousin.
The Boston Globe reported that the latest development put the embattled Massachusetts-based supermarket chain behind schedule for a deal that was expected to be reached this past weekend, prolonging the uncertainty over the company’s future.
Arthur T., who remains the minority shareholder, told the newspaper on Friday 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 vote on it, the Globe 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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