Market Basket revolt ends as Arthur T. Demoulas wins bid
Bloomberg - 08/28/2014
Arthur T. Demoulas, the ousted Market Basket chief executive officer who inspired an employee revolt to get him back, won his bid to buy the supermarket chain.
Demoulas and his sisters agreed to purchase the 50.5 percent of Market Basket they don’t own from family members who fired him, the company said late yesterday in a statement. Financial terms weren’t released. Demoulas bid about $1.5 billion for the stake, valuing the Tewksbury, Massachusetts-based chain at about $3 billion, a person familiar with the matter said last week.
The deal ends a tumultuous summer stalemate that began in mid-July when 200 office and warehouse employees walked off the job in support of their boss. The protests triggered a slowdown that emptied shelves at the company’s 71 supermarkets in Massachusetts, New Hampshire and Maine.