Market Basket’s board of directors did not meet Sunday night to discuss Arthur T. Demoulas’s offer to buy out the grocery company.
The planned 10 p.m. phone meeting was called off before 7 p.m.
The proposed deal for the 50.5 percent of Market Basket Arthur T. Demoulas and his family do not already own is reportedly worth $1.5 billion. The rest of the company is owned by the family of his cousin, Arthur S. Demoulas.
Prior to the meeting being called off, a source told Boston.com that the board likely would not meet unless the shareholders had agreed to terms of a deal. The two sides of the Demoulas family were still discussing the deal Sunday afternoon, the source said.
By not holding the meeting, the indication may be that shareholders aren’t quite there yet. However, no reason was given for why the board would not be meeting.
There’s no word on when the board will next meet.
On Friday, Arthur T. had called for the deal to be completed by the end of the weekend. The governors of Massachusetts and New Hampshire had also suggested an agreement could be in place by Sunday.