Hannaford Brothers parent company had made a bid for Market Basket.
It appears that the sale of Market Basket has seem to have been in motion for some time by the majority 50.5 percent owners led by Arthur S. Demoulas, the group had been exploring a sale with private equity firms since at least 2011. The one issue holding up the sale was a shareholder who aligned with the other side of the family. She flipped to Arthur T. side in response to Arthur S. pushing to control her stake in the finances, funny huh? It’s true. But all that changed in 2013 when she flipped back to Arthur S. and set in motion the process to sell the supermarket chain. Looks like a big payday changes your mind pretty quick.
Now Arthur T. was never an option as a buyer, I don’t see any way that Arthur S. would sell to his cousin after their history. It appeared that the only chance of Arthur T. regaining control was if control of the board flipped back.
The biggest losers here are the employees of Market Basket, they were pining their hopes on Arthur T, the writing was on the wall for reduction of benefits and profit sharing. This had been detailed in many posts prior, it is unfortunate that a private company who had such a great relationship with staff turned out to be what might cost them earned benefits. All it takes is one greedy SOB.
Hannaford had started their PR effort early, hiring Market Basket employee permanently, even offering temporary employment during the protests. Smart move. We’ll see how this plays out with Market Basket employees.
Sorry, unintentional. I thought the first one didn’t work.
and one stupid SOB.
when Arthur T has been stealing from him. How about self-respect.
And totally from a capitalism involves “greed” perspective. I totally think that the Arthur S side is merely exercising its rights as owners, and if the other side had played along things might have never got to this point.
control is what you’re missing. Plus, it was his father.
doesn’t make them come true.
Where greed is good, shareholder value is the only value, and a widely popular and successful socially responsible company can be liquidated by already wealthy people who wanted even more for themselves. What would Telemachus DeMoulas’ say if he were alive today, is this the American dream he came here from Greece to pursue?
I know it isn’t the dream of my grandparents who came here from Italy, or my great grandparents from Ireland. They opened up family businesses too, some were Coolidge Republican, most were Roosevelt Democrats, but all believed in a country where fair treatment, hard work, and responsible to one’s neighbor would be rewarded. Their country hardly seems like my own these days.
Also they weren’t people of color were they? Hardly the a great time for many groups in the US.