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Department store Nordstrom (JWN) received a $3.8 billion buyout offer from a group comprised of Erik Nordstrom, Peter Nordstrom, other members of the family, and Mexican retailer El Puerto de Liverpool (LIVEPOL1.MX, LIVEPOLC-1.MX). Great-grandsons of Nordstrom founder John W. Nordstrom, Erik currently serves as Nordstrom's CEO while Peter holds the position of president.
Catalysts anchors Madison Mills and Brad Smith outline the group's plan to take Nordstrom private through this buyout proposal.
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This post was written by Luke Carberry Mogan.
Sticking with retail. Let's get a quick check on shares of Nordstrom. They're down about a quarter of a percent here after the department store chain confirmed, it did receive a buyout bid from the Nordstrom family. Eric and Peter Nordstrom, the great grandsons of founder, John Nordstrom, formed a group with other members of the family and Mexican department store chain Liverpool to take Nordstrom private for $3.8 billion, Brad.
Yeah, under terms of the proposal, Nordstrom family members and Liverpool would pay $23 for each outstanding share that they own. Now, the bid, it comes about 5 months after Nordstrom said it formed a special committee, a committee to explore a sale, but said current shareholders are not required to take any action. We'll continue to bring you updates as they come here on ticker symbol JWN.
