Business & Tech
Market Basket Board Confirms Arthur T. Offer, Reaffirms Choices
Board says it's in the best interest of the Market Basket community for normal business operations to resume immediately.
By Liz Taurasi
Following this morning's board meeting, members of the Market Basket board of directors issued a statement confirming they received Arthur T. Demoulas' and other family shareholder's offer to acquire the other 50.5 percent share of the company. But theirs isn't the only offer on the table.
In a statement released Friday afternoon, the board of directors said it will evaluate and seriously consider Arthur T.'s proposal - not indicating the exact figure offered in the buyout proposal.
However, they confirmed, Arthur T's proposal was not the only one they received for the supermarket chain.
Once they evaluate all offers, the board says it plans to present them to shareholders.
The board acknowledged it's heard from many stakeholders over the past week following rallies and boycotts by Market Basket employees and customers which stated last Friday as employees have banned together in support of bringing back their former CEO Arthur T.
"The negative behavior of certain current and former associates is at variance with the Company's culture of putting the needs of the Market Basket customers first," they said in the statement. "It is now clear that it is in the interests of all members of the Market Basket community for normal business operations to resume immediately."
The board also reaffirmed its election of co-CEOs Felicia Thornton and James Gooch to manage the company in accordance with the company's bylaws. Thornton and Gooch took over as co-CEOs following the board's vote to oust Arthur T. in June.
More of Patch's Ongoing Market Basket Coverage:
Following this morning's board meeting, members of the Market Basket board of directors issued a statement confirming they received Arthur T. Demoulas' and other family shareholder's offer to acquire the other 50.5 percent share of the company. But theirs isn't the only offer on the table.
In a statement released Friday afternoon, the board of directors said it will evaluate and seriously consider Arthur T.'s proposal - not indicating the exact figure offered in the buyout proposal.
However, they confirmed, Arthur T's proposal was not the only one they received for the supermarket chain.
Once they evaluate all offers, the board says it plans to present them to shareholders.
The board acknowledged it's heard from many stakeholders over the past week following rallies and boycotts by Market Basket employees and customers which stated last Friday as employees have banned together in support of bringing back their former CEO Arthur T.
"The negative behavior of certain current and former associates is at variance with the Company's culture of putting the needs of the Market Basket customers first," they said in the statement. "It is now clear that it is in the interests of all members of the Market Basket community for normal business operations to resume immediately."
The board also reaffirmed its election of co-CEOs Felicia Thornton and James Gooch to manage the company in accordance with the company's bylaws. Thornton and Gooch took over as co-CEOs following the board's vote to oust Arthur T. in June.
More of Patch's Ongoing Market Basket Coverage:
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