The Nordstrom family teams up with a Mexican retail group to bid for its namesake retailer
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
NEW YORK (AP) — 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, months after first expressing interest in a buyout.
In a letter to the board of directors dated Tuesday, Erik Nordstrom said the Nordstrom family members own about 33.4% of the company's outstanding common stock and is willing to pay investors $23 for each share they own.
The Mexican retail group, El Puerto de Liverpool, operates more than 300 stores in Mexico and is that nation's third-largest credit card issuer with over 7.2 million active accounts. It already owns about 9.6% of Nordstrom stock.
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 closed just below $23 on Wednesday.
