Market Basket deal ends bitter feud, mad rush to restock stores
SEAFOODNEWS.COM [Boston Globe] By Casey Ross - August 28, 2014 -
The epic family feud over Market Basket that captivated the public and paralyzed the supermarket business through the summer ended Wednesday when Arthur T. Demoulas reached a deal to buy the company from rival relatives for more than $1.5 billion.
Market Basket’s shareholders announced the deal at 11:15 p.m. after several days of suspenseful negotiations. Arthur T. Demoulas and his siblings will buy the shares of their cousin, Arthur S. Demoulas, and other relatives on his side of the family, who collectively own 50.5 percent of the company.
The sale agreement, which will take months to formally close, ends a fight so bitter that it took the intervention of the governors of Massachusetts and New Hampshire to help the Demoulas family end a fight that has been raging for a quarter century.
The agreement authorizes Arthur T. to manage the business and stabilize operations at its 71 stores.
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