Arthur T. Demoulas, the ousted chief executive of the Demoulas Market Basket chain, made an offer Wednesday to buy out the shareholders of the company aligned with his cousin, Arthur S. Demoulas. How the ownership structure of the chain breaks down:
The grocery chain had its origin in a neighborhood food store in Lowell that was opened in 1917 by Greek immigrants Arthur and his wife Efrasine Demoulas.
In 1954, the couple sells the business to two of their six children, George and Telemachus.
George Demoulas died suddenly on June 27, 1971, while vacationing with his family in Greece.
On George's death, Telemachus Demoulas took control.
The family feud over control of the company burst onto the public scene in 1990, when Arthur S. Demoulas, a son of George, filed a complaint that Telemachus Demoulas was diverting assets from the chain into businesses solely owned by his branch of the family. After one of the longest, costliest, and nastiest court battles in the state's legal history, Telemachus Demoulas was eventually forced to pay George's relatives $206 million. The judge awarded 50.5% of the shares, a controlling interest, to George's heirs.
In early 2008, George's daughter-in-law Rafaela votes in favor of Telemachus' son, Arthur T., in a board election. Arthur T. is made president of the business.
In June 2013, Rafaela switches her vote, giving Arthur S. control of the board. A year later, at Arthur S.'s urging, board fires Arthur T., replacing him with co-CEOs Felicia Thornton and James Gooch.
On Wednesday, Arthur T. Demoulas offers to buy the 50.5 percent share controlled by opposing relatives to regain control of the fractured company.