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Demoulas factions work to complete Market Basket sale
Arthur T. Demoulas’s offer to buy the Market Basket grocery chain is the only bid left on the table, and both sides of the family are furiously negotiating to complete a sale and end the daily losses crippling the company, according to people familiar with the matter.
The negotiations are fluid, but the two sides remain engaged and are working nearly around the clock to hammer out a deal, these people said. The company is losing millions of dollars a day, severely undermining the value of the grocery business the Demoulas family has been fighting over for three decades.
While other suitors previously expressed interest in Market Basket, the turmoil surrounding the company has left Arthur T. the only bidder whose offer is under active consideration. The people familiar with the discussions said the company’s board of directors is working to facilitate a sale, but the decision is up to shareholders who must accept or reject his offer.
The negotiations are fluid, but the two sides remain engaged and are working nearly around the clock to hammer out a deal, these people said. The company is losing millions of dollars a day, severely undermining the value of the grocery business the Demoulas family has been fighting over for three decades.
While other suitors previously expressed interest in Market Basket, the turmoil surrounding the company has left Arthur T. the only bidder whose offer is under active consideration. The people familiar with the discussions said the company’s board of directors is working to facilitate a sale, but the decision is up to shareholders who must accept or reject his offer.
http://www.bostonglobe.com/business/2014/07/29/arthur-demoulas-offer-buy-market-basket-only-bid-under-negotiation-stockholders/FFYGFGZmDYXNbRXkG8TryO/story.html
Sure is interesting to see this play out I am hoping the board accepts his offer and these people can get back to work ASAP!