A source says Market Basket's board of directors meeting has been called off.

Although several media outlets reported the meeting was taking place at 6 p.m. Tuesday, a source told NECN no agreement has been reached yet and the board will not meet until that happens.

A board of directors meeting was scheduled for Sunday evening, but was called off after the two sides of the Demoulas family didn't reach an agreement to sell back the company to ousted CEO Arthur T. Demoulas. "Artie T." had reportedly made a $1.5 billion offer to buy the portion of the family-owned company controlled by Arthur S. Demoulas, his cousin.

A person in contact with the board said the problem is the shareholders -- the Arthur S. Demoulas and Arthur T. Demoulas wings of the family -- have not agreed to all terms around a reporter $1.5 billion sale of the Arthur S. wing's 50.5 percent stake in the company to Arthur T. Only when they agree on a deal can the board review it, have lawyers draft purchase and sale documents, and make a recommendation as to whether it's a fair deal and good for the company. The seven board members have been holding several time slots each day this week to have a meeting, but the actual deal they'd review continues to not be agreed upon

Employees and customers started a boycott earlier this summer after Demoulas' firing, leading to bare shelves and little business for the New England supermarket chain.

Stay with NECN as this story develops.