Members of the Nordstrom family are teaming up with a Mexican retail group and are offering to take the department store retailer private at $23 per share cash, months after first expressing interest in a buyout.
– Members of the Nordstrom family with the help of a Mexican retail group are offering to take the century-old department store private for $3.76 billion per share cash, months after first expressing interest in a buyout.
The offer represents a premium of nearly 35% to Nordstrom’s stock since March 18 when media reports about the proposed transaction first emerged, shares have rallied this year and traded for just above $23 on Wednesday. Erik B. and Peter E. Nordstrom are the fourth-generation leaders of the retailer, which was founded in 1901 as a shoe store. Erik is the company's chief executive and Peter is president. In the regulatory filing the family cited the health of their late father Bruce Nordstrom as one impetus behind the proposed transaction.The Nordstroms and their partner say they have commitments for $250 million in new bank financing.
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