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In the wake of former CEO Arthur T. Demoulas' offer to buy 50.5 percent of the Market Basket grocery chain, several other bids from supermarket competitors and other investors for between $2.8 billion and $3.3 billion have come to light, according to a published report.
The Boston Globe reported that the board of Market Basket's parent company, Tewksbury, Mass.-based Demoulas Supermarkets has hired the investment bank JP Morgan Chase & Co. to help evaluate the offers. The newspaper noted that the competing offers could hamper Arthur T.'s efforts to wrestle control of the company from the faction headed by his cousin, Arthur S. Demoulas. The dispute between the two sides of the family dates back to the early 1970s.
The Globe also added that some of the offers pre-date the current turmoil at the company that led to Arthur T.’s dismissal. The amount of Arthur T.'s offer hasn’t been publicly disclosed, in common to the values of the competing offers and the identities of the other bidders.