Market Basket’s board is planning to meet Tuesday night as warring factions of the Demoulas family work to finalize a deal to allow Arthur T. Demoulas to buy out rival relatives and return to manage the company, according to people with knowledge of the deliberations.
The board schedules multiple meetings 48 hours in advance to meet the requirements of its by-laws, then cancels the meetings or discusses other issues if details of a possible sale are not complete. The next possible meeting to act on a sale is scheduled for late Tuesday night, according to people with knowledge of the deliberations.
The scheduled meetings signify the parties believe a deal is close. The parties have been negotiating Arthur T.’s offer to buy the 50.5 percent of the company owned by Arthur S. Demoulas and other relatives for more than $1.5 billion.
A sale agreement could end a two-decade-long family feud over the company and allow Arthur T. to return to help stabilize its operations. He was fired in late June by a board controlled by Arthur S., triggering employee walkouts and customer boycotts that brought business to a virtual halt for the last eight weeks.
Arthur T. made a final offer late last week that removed a key stumbling block by including about $550 million in financing from an unidentified private equity firm. That money replaced seller financing that would have required Arthur S. and his relatives to lend money to Arthur T.’s side to help complete the deal.
The rest of the money for the purchase will come from a cash payment by Arthur T. and his sisters, and a mortgage loan secured by the company’s real estate holdings in Massachusetts, New Hampshire, and Maine.