In recent months, several competitors and private equity firms have made offers for the Market Basket supermarket chain,
the
Boston Globe
reported.
The offers have ranged from $2.8 billion and $3.3 billion, the article said.
Arthur T. Demoulas, who was fired as president of the company by a board that sides with his cousin, Arthur S. Demoulas, has also made an offer to buy the 50.5% of the company now owned by his family rivals.
A protest by employees loyal to the deposed leader have refused to do their jobs, resulting in empty shelves and lost business. Family business adviser and Harvard University professor John Davis told the
Globe
that the company has “a couple weeks, maybe, to figure this out and get one side essentially out or put it on the auction block.”
Arthur T.’s offer must first be brought to the board before being formally presented to Arthur S. and his siblings, the
Globe
article said.
The
Globe
report noted that the non-family bidders may no longer be interested in the company because of the recent turmoil. (Source:
Boston Globe
, July 25, 2014.)
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