Final Market Basket bid by Arthur T. Demoulas expected today
Arthur T. Demoulas was expected to submit a final bid to buy the Market Basket grocery chain on Friday as the company’s feuding ownership seeks to end the dispute that has put it on the brink of collapse, according to a person with knowledge of the negotiations.
It was unclear whether any other bidders would submit final offers on Friday. But Delhaize Group SA, the parent of Hannaford supermarkets, has continued to express interest in buying the company.
Market Basket’s board of directors was scheduled to meet Saturday to discuss the final bids and the broader crisis facing the company, which is losing millions of dollars due to an employee walk-out that has brought its operations to a halt.
The standoff over the company began in late June, when Arthur T. Demoulas was fired as president of the company by a board of directors controlled by his cousin, Arthur S. Demoulas. In addition to the employee walk-out, the job action caused some customers to boycott the chain while others have stayed way because it has no fresh food for sale.
Arthur T. has offered to buy the 50.5 percent of the company owned by Arthur S. and relatives on his side of the family. But the parties have been unable to reach a deal after several weeks of acrimonious negotiations.