11:19 AM EST, 12/23/2024 (MT Newswires) -- Nordstrom (JWN) agreed to be taken private by members of the founding Nordstrom family and Mexican retailer El Puerto de Liverpool in a deal valued at $6.25 billion.

The $24.25 per-share cash consideration represents a premium of about 42% from the company's closing price on March 18, the last trading day before news of a potential transaction was first reported. The offer was sweetened from the group's proposal of $23 per share made in September.

Shares of Nordstrom dipped 1.5% in Monday trade.

Chief Executive Erik Nordstrom, President Pete Nordstrom and Jamie Nordstrom, among other members of the Nordstrom family, and El Puerto de Liverpool will buy all of the outstanding shares of the Nordstrom department store chain that they don't already own.

The Nordstrom family will have an ownership stake of 50.1% in the company at close while Liverpool will own 49.9%. The deal is expected to close in the first half of 2025, subject to regulatory approvals, at which point the stock will no longer be listed on any public market.

A special committee formed by the Nordstrom board in February reviewed the proposal against the company's stand-alone prospects for growth, according to Eric Sprunk, chairman of the special committee. "The special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price," he said.

The board agreed to pay a special dividend of up to $0.25 per share in cash contingent on closing, which would come in addition to the company's existing quarterly cash dividend of $0.19 through the deal's completion.

Nordstrom last month reported fiscal third-quarter revenue of $3.46 billion, up from $3.32 billion the year earlier. Its adjusted earnings per share climbed to $0.33 for the three-month period ended Nov. 2 from $0.25 in the same period of 2023.

Earlier this month, Macy's (M) shareholders Barington Capital and Thor Equities urged the Nordstrom competitor to cut capital expenditures and consider strategic alternatives for its Bloomingdale's and Bluemercury chains.

Price: 24.22, Change: -0.32, Percent Change: -1.28