Arthur T. Demoulas on Wednesday said he will make an offer to buy the Market Basket supermarket chain, seeking to regain control of the fractured company and end the decades-long family feud that has exploded into an extraordinary public spectacle this month.
Demoulas said in a statement that he and his side of the family will try to buy the 50.5 percent of Market Basket now controlled by opposing relatives who supported his firing last month as president of the company.
“We believe that our offer is a very full and fair one and should meet or exceed a seller’s expectations of the value of the company,” the statement said. “We care deeply about Market Basket and all of our associates and we want to work together to return the company to its successful model for serving our loyal customers. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time.”
The value of Demoulas’s offer was not disclosed. But the value of the entire private company was estimated at $3 billion to $3.5 billion by Kevin Griffin, publisher of The Griffin Report of Food Marketing.
It was not immediately clear whether the offer was being seriously entertained by family shareholders who have battled with Demoulas for control of the company since the early 1990s. Those shareholders could not be reached for comment Wednesday evening.
Thursday, July 24, 2014
Former Market Basket CEO Arthur T Demoulas
Has Offered to Buy Out his Cousin's Share of this New England Grocery Store Chain. Previously and Previouslier
Posted by Dave in PB at 8:00 AM