Market Basket Class A shareholders: Prepared to sell interests

Tewksbury, Mass. (MyFoxBoston.com) – Market Basket shareholders released a statement Saturday, adding to the ongoing back and forth between fired CEO Arthur T. Demoulas and the grocery store's board.

The Class A shareholders have stayed quiet about the ongoing situation at the embattled grocery store chain, but now feel that they need to set the record straight, according to the statement.

They “care deeply” about everyone involved in the Market Basket community and have been trying to find a “workable solution” including selling their majority ownership.

“We are, and have been, prepared to sell our majority ownership interest in Market Basket to the Class B Shareholders led by Arthur T. Demoulas for the price proposed by Arthur T. Demoulas. We offered deal terms that our nationally recognized financial advisors informed us are customary for this type of deal,” the statement read.

It went on to say that the shareholders offered financing to Arthur T. if he’s short on cash, and that the terms “included an interest bearing loan secured by collateral that has an acceptable payment schedule.”

The proposal allows Arthur T. to go back to work right away and help stabilize the company using “terms proposed by the independent directors of the Market Basket Board if the Class B Shareholders would commit to buy our interests.”

They made this proposal last week, but say it has not been accepted.

In the statement they say that Arthur T.’s conduct undermines Market Basket and the Class B shareholders don't want to discuss a sale.

The statement concludes with the following: “The Class B Shareholders have given us no choice at this time but to consider all available options to sell our equity in order to protect the interests of all Market Basket stakeholders. We have given Arthur T. Demoulas and the other Class B Shareholders many opportunities to end the current controversy. We continue to be prepared to sell our interests in Market Basket for the price originally proposed by Arthur T. Demoulas.”

Cox Media Group