Nordstrom brothers make bid to buy back eponymous retailer
The Seattle-based department store chain has confirmed that brothers Erik and Peter Nordstrom have made an offer to take their namesake retailer private, potentially returning the company to family control
Brothers Erik and Pete Nordstrom, along with other members of the Nordstrom family and the Mexican retailer Liverpool, have offered to acquire all the company’s outstanding shares that the group does not already own for 23 US dollars a share in cash for a total of 3.8 billion US dollars.
The move could see the luxury department store chain founded by their great-grandfather in 1901 returned to family control.
Under the proposal, the merger consideration would be financed through rollover equity and cash commitments from members of the Nordstrom family and Liverpool and 250 million US dollars in new bank financing, with the company’s existing debt remaining outstanding.
Nordstrom said the proposal is now being reviewed by an “independent and disinterested” special committee of its board of directors.
Image Credits: press.nordstrom.com/about/
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