Market Basket's Arthur T. Demoulas calls board's offer disingenuous

The ongoing feud between ousted Market Basket CEO Arthur T. Demoulas, the board, and Arthur S. Demoulas' side of the family rages on as Arthur T. calls the board's latest consideration of his offer disingenuous. He also pleaded for the opposing factions to keep talks out of the press.

Reports on Aug. 8 stated that Arthur T.'s offer to buy out the remaining shares of the retail chain has been refused based on financing. However, his spokeswoman, Justine Griffin, said financing is not the issue at all and that the decision was still being considered amid counterproposals, reported Progressive Grocer.

Griffin shared this statement with Progressive Grocer: "Five weeks ago these board members voted to fire Arthur T. Demoulas and banned him from company property. Since that time, the company has spiraled downward and Arthur T. has worked feverishly to purchase the company. On three separate occasions since that time, including as recently as yesterday, Arthur T. has offered in writing and otherwise to try to bring back his entire management team to work to stabilize the company. Each offer was rejected. It is disingenuous to issue a press release at 5:30 on a Friday, from the 'Independent Directors' all of whom were appointed by Arthur S. Demoulas' side of the family, announcing that they have invited him to rejoin the company but not as CEO."

In the interim, Griffith reaffirmed Arthur T.'s pursuit of a complete purchase of the outstanding 50.5 percent of company shares at asking price.

Griffith closed statements requesting that next time either side involved in the feud communicates with the press it will be to announce that the bid has been accepted.

Belgian grocery chain Delhaize is rumored to be bidding on the Market Basket purchase.

For more:
-See this Progressive Grocer article

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