BOSTON (AP) - The former CEO of the Market Basket supermarket chain says "onerous" terms are preventing him from regaining control of the company from relatives amid a bitter feud that has prompted employee walkouts and customer boycotts in three New England states.
Arthur T. Demoulas said in a statement issued by a spokeswoman Sunday that his offers to buy the Massachusetts-based company "have been rejected, not on the basis of price, but with counterproposals that have been laden with onerous terms that are far beyond comparable transactions."
Demoulas was fired in June by a board controlled by his rival cousin, Arthur S. Demoulas.
The power struggle has led to protests by thousands of employees and a boycott by customers, leading to a steep drop in sales at the chain with 71 stores in Massachusetts, New Hampshire and Maine.
Arthur T. Demoulas' statement was in response to an announcement Saturday from the family faction that owns slightly more than half of the Tewksbury-based company.
The shareholders aligned with Arthur S. Demoulas - the current head of the board - said they were willing to accept the purchase price offered by Arthur T. Demoulas, but added that he was unwilling to accept financing for the deal that was secured by collateral and that included a reasonable payment schedule.
The offer for the private company has not been disclosed, but an industry publication estimates the company's value at up to $3.5 billion.
Arthur T. Demoulas said his offer was made at a "pre-crisis" valuation of the company. His spokeswoman said he hopes the rival family faction will reach an agreement "before it is too late to save this company."
Published: Tue, Aug 12, 2014
