Arthur T. Demoulas, who was fired as president of the Market Basket grocery chain after his cousin and rival, Arthur S. Demoulas, gained control of the board, said he and his side of the family have offered to buy out their relatives’ 50.5% share,
the
Boston Globe
reported.
The value of the offer was not disclosed, the article said. The
Globe
report said that Kevin Griffin, publisher of
The Griffin Report of Food Marketing
, has estimated the company to be worth between $3 billion to $3.5 billion.
The
Globe
report noted:
Talks over one side buying the other out have come and gone repeatedly over the years and have even spawned lawsuits between relatives. The result has always led back to the same stalemate, with neither side gaining the upper hand.
However, this time the company has been losing business because of customer boycotts and employee protests. Market Basket store shelves have been empty because warehouse workers have refused to do their jobs, the
Globe
article said. (Source:
Boston Globe
, July 24, 2014.)
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