The cousins at the heart of the Market Basket feud negotiated a possible sale of the grocery chain late into Sunday night, but a deal remained elusive even as the stalemate continued to drain millions of dollars a day from the company.
The parties were still at odds over several terms of Arthur T. Demoulas’s $1.5 billion offer to buy the 50.5 percent of the company owned by his cousin, Arthur S. Demoulas, and other family members, according to people familiar with the talks.
A board meeting had been scheduled for Sunday night, but the session was called off once it became clear Market Basket shareholders were not going to finalize a stock purchase agreement to transfer ownership of the company. The meeting’s postponement was yet another twist in a weekslong drama that continues to spool out unpredictably.
“Everybody is surprised that it’s taken this long, and I don’t think more weeks of nothing happening is prudent or is even fiscally possible for the company,” said John Davis, a professor at Harvard Business School. “There has to be some arrangement if they make a deal . . . for Arthur T. to be reinstated and for the company to get back on its feet.”
Both sides of the Demoulas family have expressed optimism that they can bring an end to their dispute, but prospects for an agreement remain uncertain. On Friday, the governors of Massachusetts and New Hampshire indicated an agreement could be reached by the end of the weekend.
You have reached the limit of 5 free articles in a month
Stay informed with unlimited access to Boston’s trusted news source.
- High-quality journalism from the region’s largest newsroom
- Convenient access across all of your devices
- Today’s Headlines daily newsletter
- Subscriber-only access to exclusive offers, events, contests, eBooks, and more
- Less than 25¢ a week