Breaking: Arthur T. offers to buy Market Basket

The Market Basket saga took another twist Thursday when ousted president Arthur T. Demoulas revealed he has offered to buy out the 50.5% of company owned by his rival cousin and his family.

Spokespeople for Arthur T. Demoulas did not provide detail beyond the following statement, issued early Thursday:

"The Arthur T. Demoulas side of the family has made an offer to buy the 50.5% of shares in Demoulas Market Basket Supermarkets we do not own. We believe that our offer is a very full and fair one and should meet or exceed a seller's expectations of the value of the company. We care deeply about Market Basket and all of our Associates and we want to work together to return the company to its successful model for serving our loyal customers. Those who received the offer need to consider the matter, so we are not in a position to comment further at this time."

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Arthur T. Demoulas, the former president of Market Basket, was fired in June following a year of contentious relations with a board of directors and his rival Arthur S. Demoulas, whose family controls 50.5% of stock in the company. Over the last week, employees calling for his reinstatement have staged job actions including walkoffs that have compromised the company's ability to keep stores in stock  demonstrations at stores and the its Tewksbury, Mass. headquarters and called for a customer boycott.

Spokespeople for the company weren't immediately available for comment. It was not immediately clear whether such an offer had been discussed before or whether the board would consider the offer at its scheduled meeting Friday.