Statement from the Market Basket shareholders
Full text of the statement from Market Basket’s shareholders on the deal signed Wednesday night to have Arthur T. Demoulas buy out his cousin, Arthur S. Demoulas, and his family and reopen the chain’s grocery stores.
MARKET BASKET AGREEMENT REACHED; ARTHUR T. DEMOULAS TO RETURN
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-CEO’s 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.