Late breaking news, that the Market Basket stalemate ended just before 11 p.m. on Aug. 27 with a finalized deal, as control of the supermarket chain was returned to deposed CEO Arthur “Artie T.” Demoulas.
Boston.com reports the board convened at 9:30 p.m.
According to the Boston Globe, Arthur T. Demoulas will pay $1.5 billion dollars to buy out his cousin, Arthur S. Demoulas, who was the majority shareholder. Under the agreement, Arthur T. will gain full control of the business.
This statement was released late Wednesday night on behalf of Artie T.:
Market Basket and its shareholders are pleased to announce today that the Market Basket shareholders have entered into a binding agreement pursuant to which the Class B shareholders will acquire the 50.5% ownership interest of Market Basket currently owned by the Class A shareholders.
Effective immediately, Arthur T. Demoulas is returning to Market Basket with day-to-day operational authority of the company. He and his management team will return to Market Basket during the interim period while the transaction to purchase the Company is completed. The current Co-CEOs will remain in place pending the closing, which is expected to occur in the next several months.
All Associates are welcome back to work with the former management team to restore the Company back to normal operations.
The shareholders and the Company would like to thank Market Basket customers and partners for their strong support through the years. Our shared goal is to return Market Basket to the supermarket that its customers have come to rely on for service, quality and best prices. We look forward to seeing you at your local Market Basket.
And this statement followed, from Market Basket Chairman of the Board:
“Governor Patrick and Governor Hassan worked tirelessly and creatively to help shareholders find solutions that brought them together to reach agreement. The entire Board appreciates their time and level of attention. The Commonwealth of Massachusetts and the State of New Hampshire should understand that the Governors’ commitment and engagement made a significant difference. The beneficiaries of their efforts are the 25,000 associates of Market Basket, its two million customers and all of the communities it serves.” – Keith Cowan
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