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No Market Basket Sale Yet, Says Ousted CEO

Ousted CEO released a statement saying discussions have continued, but Arthur S. Demoulas' side has rejected bids

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    NEWSLETTERS

    NECN
    Ousted Market Basket CEO Arthur T. Demoulas

    Ousted CEO Arthur T. Demoulas released a statement Sunday, saying that while discussions have continued, his bids to buy Market Basket have still not been accepted.

    In a statement released Saturday night, the majority shareholders say they would be willing to sell the remaining shares of the company for the price proposed by the former CEO, but that the potential for a deal may be dwindling.

    A spokesperson wrote on behalf of Arthur T. Demoulas that while he does not want to engage in a war of press releases, "He cannot allow false information to have a negative impact on Market Basket associates and other stakeholders."

    "Discussions continued today with representatives of the board and their advisors. Arthur T. Demoulas reaffirms his desire and good faith for completing the purchase of the 50.5 percent of DSM," wrote Justine Griffin in the statement. "Thus far, his offers have been rejected, not on the basis of price, but with counterproposals that have been laden with onerous terms that are far beyond comparable transactions. It is Arthur T. Demoulas' hope that the Arthur S. Demoulas family will come to the table to reach a final agreement on reasonable terms before it is too late to save this company."

    "We offered deal terms that our nationally recognized financial advisors informed us are customary for this type of deal," said the majority shareholders in their statement.

    Employees and customers have shown their support for Arthur T. Demoulas since he was fired in June. Monday, thousands rallied demanding his return and the return of eight longtime employees fired for skipping work to a prior rally.

    NECN will have more as this story develops.