09:49 AM EDT, 09/04/2024 (MT Newswires) -- (Updates with Nordstrom's confirmation and additional details throughout starting in the first paragraph.)

Nordstrom (JWN) said Wednesday that a special committee of its board confirmed a proposal from Erik and Peter Nordstrom together with Mexican retailer El Puerto de Liverpool to buy all the outstanding shares of the firm for $23 apiece in cash.

The merger consideration would be funded through rollover equity and cash by the Nordstrom family and El Puerto de Liverpool and $250 million in new bank financing, the company added.

Nordstrom said there is no guarantee it will move ahead with the proposal or disclose any other information.

A group consisting of members of the Nordstrom family and Liverpool delivered a non-binding letter to Nordstrom offering to buy the company and take it private for $23 per share in cash, according to a regulatory filing Tuesday.

Erik Nordstrom is the chief executive of the company, while Peter Nordstrom serves as president.

The Nordstrom family owns roughly 54.6 million shares of the company, representing about 33.4% of the outstanding common shares, the regulatory filing said. Liverpool also owns about 15.8 million common shares of the firm, representing approximately 9.6%.

Price: 23.42, Change: +0.60, Percent Change: +2.64