Market Basket's board considering multiple suitors
Market Basket's board of directors is considering more offers to sell a controlling stake in the supermarket chain than just the one submitted by ousted CEO Arthur T. Demoulas, a board spokesperson said Tuesday.
"As the board has previously noted, it is currently engaged in a rigorous and active process to consider strategic alternatives for the company, including its possible sale," said a statement from the board.
"Despite reports to the contrary, Arthur T. Demoulas is but one of several potential buyers for the company who continue to express a strong interest in purchasing the company," the statement said.
"While Mr. Demoulas' offer provides a path toward solving many of the problems he has helped to create, it is but one alternative among the options the board is reviewing," the statement said. "The board will continue to evaluate all of the alternatives and ultimately make its recommendation to shareholders. However, the board has no authority or right to force shareholders to accept an offer as that decision rests solely with the company's shareholders."
The family feud at Market Basket has led to customer boycotts, picketing workers and limited food deliveries to stores, causing many shoppers to deviate from their normal weekly routines.
Market Basket operates about 30 stores in New Hampshire.