Nordstrom just announced it looks favorably on a bid from Mexican retailer El Puerto de Liverpool to help take the company private. The merger proposal is now being evaluated by a special committee made up of independent and disinterested partners to determine if it is in the “best interests of Nordstrom and all shareholders.
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24/7 Wall St. Insights The owners want to take retailer Nordstrom Inc.
Nordstrom has received a proposal from its CEO Erik Nordstrom, President and Chief Brand Officer Pete Nordstrom, other members of the Nordstrom family and Mexican omnichannel company El Puerto de Liverpoolto acquire all the outstanding shares of the company and take the company private.
Nordstrom‘s founding family has offered to take the department store chain private for $23 a share, teaming up with a Mexico-based retailer in its latest bid, a filing showed on Wednesday.
Nordstrom (JWN) Chief Executive Officer (CEO) Erik Nordstrom and other members of the company's founding family have made a bid to take the fashion retailer private for $23 per share, according to n Securities and Exchange Commission (SEC) filing.
Nordstrom, Inc. (NYSE:JWN) could be taken private by the family who founded the department store chain for $23 per share or a total valuation of $3.8 billion. The Nordstrom family, which owns approximately 33% of Nordstrom shares, and Mexican retailer El Puerto de Liverpool, which owns about 10%, have proposed to acquire the remaining 57% of shares.
“That the Nordstrom family have made an offer to buy the department store chain comes as no surprise. What is interesting is the $23 a share value which is pretty much the current price of the stock,” said Neil Saunders, managing director of GlobalData.
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The Nordstrom family group has offered $3.8 billion to take the department store chain private, bringing the store group back into the family's hands.
The buyout bid values Nordstrom at $3.76 billion.
Brothers Erik and Peter Nordstrom submitted an offer to take private the eponymous retail giant Nordstrom, the company confirmed Wednesday morning, potentially bringing the multibillion-dollar department store chain founded by their great-grandfather in 1901 back into family control.