Nordstrom rejects family's takeover offer and threatens to end talks
The Nordstrom family made an opening offer to take the publicly traded retailer private, but it was not enough, according to a committee representing the board.
Nordstrom had recently resumed plans to take the company private to escape what some have called a 'retail hell.' Last week it came out that the Nordstrom family may be finalizing those plans.
The Seattle-based retailer said Monday it was notified by the Nordstrom family that a group of family members intended to submit a proposal to purchase all of the outstanding shares of common stoc not already owned by the group, and about 21 percent of the shares owned by the Nordstrom family members in the group, for $50 per share in cash.
A special committee of Nordstrom's board of directors, in consultation with its financial advisor Centerview Partners LLC and legal counsel Sidley Austin LLP, said Monday that the price proposed by the family was inadequate.
The $50-per-share price is 24 percent more than the $40.48 a share Nordstrom stock was selling for on June 7, 2017, right before the Nordstrom family announced it was looking for investors to help the family take the company private. Since last summer, the company's stock has increased. Nordstrom stock was selling at about $52 a share Wednesday.
https://www.bizjournals.com/seattle/news/2018/03/05/nordstrom-rejects-family-takeover-offer-private.html?ana=e_ae_set1&s=article_du&ed=2018-03-05&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1520301352&j=80336081
