WATERVILLE — The brothers who own the LaVerdiere’s Super Drug Store chain have settled their legal differences out of court, the company said.
The corporation’s directors have approved a settlement that calls for the company to buy the stock owned by Michael LaVerdiere, Jeffrey LaVerdiere and Jeffrey LaVerdiere’s children for an undisclosed amount of cash, notes and real estate.
Michael and Jeffrey LaVerdiere had sued Stephen LaVerdiere, another brother who is the company’s president and chief executive officer, as well as the board of directors. The suit alleged that Stephen LaVerdiere was trying to wrest control of the company away from his siblings.
The directors also approved financing for the transaction through “a major Maine bank,” and additional equity is being provided by Stephen LaVerdiere, his wife and his “top management team,” the company said.
“The consummation of the transaction will result in Steve LaVerdiere gaining control of the corporation,” the prepared statement said.
In announcing the settlement, Stephen LaVerdiere said it resulted from “intense” negotiations and that all involved in the settlement wanted to resolve their differences promptly to avoid any disruption in the business.
“I am very pleased that we were able to work out an agreement that accommodated everyone’s interests and permits the company to maintain its independence under existing management,” Stephen LaVerdiere said in a prepared statement.
Attempts to reach the other brothers Friday were unsuccessful. Neither man was at the corporation’s offices in Winslow, and taped messages said each of their home telephones was not in service.
LaVerdiere’s is a 70-year-old company that operates 67 stores in Maine, New Hampshire and Vermont.