Market Basket Shareholders Criticize Artie T. For Rejecting Deal
BOSTON (CBS) – Class A shareholders are criticizing ousted Market Basket CEO Arthur T. Demoulas for rejecting a proposed deal that would end the Market Basket stalemate.
“Arthur T. Demoulas’ conduct to date, including his most recent public statement, continues to undermine Market Basket and the Class B Shareholders have not indicated a willingness to engage in good faith discussions for a sale,” the Class A shareholders said in a Saturday statement. “We have given Arthur T. Demoulas and the other Class B Shareholders many opportunities to end the current controversy.”
Class A Market Basket shareholders say they are prepared to sell their part of the company to Class B shareholders lead by Demoulas.
The statement comes hours after three members of the Market Basket Board of Directors pushed shareholders to end the company battle.
In the statement, the Class A shareholders said they have offered a financing deal that would allow Demoulas, if he did not have enough cash on hand, to complete a proposed purchase of the company. Under those terms, Demoulas would receive an interest bearing laon backed by collateral and a payment schedule.
The proposal, the statement says, would allow Demoulas to return to work immediately and stabilize the company on terms proposed by the Independent Board of Directors only if the class B shareholders agree to buyout the class A shares.
Demoulas, last week, rejected that proposal by the Independent Board of Directors.
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