Nordstrom Family Offers to Buy Namesake Retailer for $3.8B
Members of the founding family partnered with Mexican retail company El Puerto de Liverpool to possibly take Nordstrom private.

Nordstrom CEO Erik Nordstrom and company president Pete Nordstrom have partnered with Mexican retail company El Puerto de Liverpool, offering to buy the company for $3.8 billion in cash, or $23 per share, according to a Wednesday filing.
Its share price was $22.82 as of press time.
Members of the Nordstrom family own about a 30 percent stake in the retailer.
Reuters reported in March that the family was interested in taking the Seattle-based department store chain private.
The retailer attempted to go private in 2017, courting private equity firms, but turned down an $8.4 billion offer in 2018 due to the “low” price.
The deal would be financed through a combination of rollover equity and cash commitments by members of the Nordstrom family and El Puerto de Liverpool and $250 million in new bank financing, said the retailer in a press release.
The existing debt would remain outstanding.
A special committee of Nordstrom’s board was formed when Erik and Pete Nordstrom stated their interest in a possible deal.
The committee, alongside other independent directors, will review the proposal in consultation with independent financial and legal advisors, said the retailer, and decide what is in the best interest of the company and its shareholders.
Morgan Stanley and Centerview Partners are the financial advisors to the special committee, while Sidley Austin and Perkins Coie are acting as legal counsel.
Nordstrom has battled struggling sales in recent years, though it reported a year-over-year uptick in its recent second-quarter results.
Fellow retailer Macy’s had also been in talks to go private, but ultimately ended the buyout talks.
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