Nordstrom’s CEO Erik Nordstrom and President Peter Nordstrom have joined forces with Mexican retailer El Puerto de Liverpool to propose taking their namesake company private. The group has offered $23 per share, which values Nordstrom at approximately $3.8 billion, representing a slight premium over Tuesday’s closing price.
The Nordstrom family, which currently holds a 33.4% stake in the company, and Liverpool, which owns about 10%, have made this non-binding offer, as disclosed in a recent Securities and Exchange Commission (SEC) filing.
This latest bid follows previous attempts by the Nordstrom family to privatize the company, including a 2017 offer that was suspended and a rejected $8.4 billion bid in March 2018. Shares of Nordstrom saw a 0.4% increase to $22.92 following the news and have appreciated nearly 25% this year.
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