Century-old department store Nordstrom will be acquired by Nordstrom family members and Mexican retail group El Puerto de Liverpool for $6.25 billion. Shareholders will receive $24.25 in cash per share, a 42% premium. The Nordstrom family will have a majority ownership stake in the company after the deal closes.
Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18, when reports of a potential transaction was reported by the media.
Nordstrom’s board of directors unanimously approved the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting.Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company.Erik and Pete Nordstrom are the fourth-generation leaders of the Seattle-based retailer, which was founded in 1901 as a shoe store.
Merger And Acquisition Retail Nordstrom El Puerto De Liverpool Private Equity
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