Updated:BOSTON (MyFoxBoston.com) -- The Market Basket Board of Directors announced Friday they are considering proposals from former CEO Arthur T. Demoulas and other "B" shareholders to buy the company's remaining 50.5 percent shares.
Market Basket's Board of Directors will evaluate and seriously consider the offer from Arthur T., as well as other offers they previously received and will receive, according to a statement they released Friday. The board will share its recommendations with shareholders once they have completed the evaluation.
The statement from the board went on to say the "negative behavior" of some current and former associates "is at variance with the company's culture of putting the needs of the Market Basket customers first." They said it's clear that it is in the best interest of all members of the supermarket chain's community for normal operations to resume immediately. They also reaffirmed the election of co-CEOs Felicia Thornton and James Gooch.
The board held a meeting Friday at a top shelf Boston law firm as workers continued to protest. Workers say they will rally until their beloved former CEO Arthur T. is reinstated. On the table is the shelf life of the nearly century old grocery chain.
At the meeting Arthur T. made the offer he announced Wednesday official. He offered to buy 50.5 percent of the company from relatives who forced him from power. While the exact cost of the offer is unclear, he claims it is "full and fair."
The board of directors left the meeting in Boston without speaking to reporters.
While the board met Friday, employees and customers who support Arthur T. had their biggest gathering yet. An estimated 25,000 rallied in front of the Tewksbury Market Basket.
While Market Basket's board discusses the future of the company, the boycott of the 71 stores in Mass. and N.H. is costing the business hundreds of thousands of dollars every day.__________________________________________________________________________
Full statement from Market Basket Board of Directors:
The Board of Directors of Demoulas Super Markets met today and confirmed that the Company has received an offer from Arthur T. Demoulas and the other âBâ shareholders to acquire the remaining 50.5% of the shares of the Company. The Board said that the offer was received prior to the deadline for the âBâ shareholders to present a proposal. Consistent with its fiduciary obligations, the Board will evaluate and seriously consider this proposal, along with any other offers previously received and to be received. Following its evaluation of all of the offers, it will convey its recommendations to the Companyâs shareholders.
The Board acknowledges that it has heard from many stakeholders. The negative behavior of certain current and former associates is at variance with the Companyâs culture of putting the needs of the Market Basket customers first. It is now clear that it is in the interests of all members of the Market Basket community for normal business operations to resume immediately. Furthermore, the Board reaffirmed its election of Co-CEOs Felicia Thornton and James Gooch to manage the Company in accordance with the Companyâs bylaws.
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