Former Market Basket president Arthur T. Demoulas offered to buy out the 50.5 percent of company owned by his cousin and his family.
“The Arthur T. Demoulas side of the family has made an offer to buy the 50.5 percent of shares in Demoulas Market Basket Supermarkets we do not own,” said a representative for Arthur T. Demoulas. “We believe that our offer is a very full and fair one and should meet or exceed a seller’s expectations of the value of the company. We care deeply about Market Basket and all of our Associates and we want to work together to return the company to its successful model for serving our loyal customers. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time.”
Arthur T. Demoulas was fired in June after a year of strained relations with a board of directors and his cousin, Arthur S. Demoulas, whose family owns 50.5 percent of stock in Market Basket.