Market Basket’s board of directors canceled a Sunday night meeting at which its members were scheduled to consider an offer from ousted President Arthur T. Demoulas to purchase 50.5 percent of the grocery store chain, The Boston Globe reported.
The newspaper said the parties are still negotiating multiple terms of Demoulas’ $1.5 billion offer, which would give him control of the company. Market Basket is currently controlled by his cousin Arthur S. Demoulas and other family members. Arthur T. was fired by the board in June.
Since he was ousted, shelves and stores have been empty amid employee protests and a customer boycott of the 71-store chain. There is one Market Basket store in Maine, in Biddeford. The chain employs 25,000 workers in New England.
Arthur S. and his branch of the family have been feuding with Arthur T. since 1971, when the father of Arthur S. died. In 2013, Arthur S. and his relatives took control of the board.
Things started to look up Friday after Arthur T. Demoulas made an offer of $1.5 billion and the governors of Massachusetts and New Hampshire expressed confidence that an agreement could be reached by Sunday.
In a statement issued Friday, Arthur T. Demoulas said “there is nothing that stands in the way of getting this done this weekend.”
Market Basket’s board of directors scheduled a meeting for 10 p.m. Sunday to consider his offer, but Sunday evening the directors canceled the meeting without giving a reason, the Globe reported.