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Nordstrom founders offer $23 per share to take department store private
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Nordstrom founders offer $23 per share to take department store private
Sep 6, 2024 12:12 PM

Sept 4 (Reuters) - Nordstrom's founding family

has made a bid to take the department store chain private by

offering $23 per share in cash for the stake they do not already

own, a filing showed on Wednesday.

The company had in April confirmed the family's interest in

pursuing a potential deal and said the department store chain's

board has decided to form a special committee of independent

directors to evaluate any proposal.

In 2018, Nordstrom rejected a bid worth $8.4 billion from

the family, saying it was too small and later ended discussions

with the group, including CEO Erik Nordstrom, after failing to

agree on a price.

The group consisting of the CEO and Chairman Peter Nordstrom

together own about 54.6 million shares, representing about

33.4% of the company's stake, As of Sept. 4.

The founding family and Mexico-based retailer El Puerto de

Liverpool sent a non-binding letter proposing a transaction

whereby they would form a new entity to buy the department store

chain, according to the filing.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by

Shilpi Majumdar and Arun Koyyur)

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