Nordstrom CEO Submits a Proposal to Take Company Private

An offer to take the fashion retailer private for $23 per share has been made by Nordstrom (JWN) Chief Executive Officer Erik Nordstrom and other founding family members, according to a Securities and Exchange Commission (SEC) filing. Erik Nordstrom and the company’s president, Peter Nordstrom, along with El Puerto de Liverpool, presented the offer in a non-binding letter on Tuesday. The Mexican department store operator Liverpool holds approximately 10% of the business, with the Nordstrom family owning 33.4%.

Nordstrom Shares Up 25% YTD as Family Proposes New $3.76 Billion Privatization Plan

About 1% more than Tuesday’s closing price is being offered for the company, valuing it at approximately $3.76 billion. This occurred months after a story said that the family was considering a possible transaction, according to sources familiar with the situation. Earlier attempts to take the business private were attempted by the Nordstrom family. In March 2018, the board of Nordstrom rejected a larger offer from the founding family, which was estimated to be worth $8.4 billion. A similar attempt was made by a group of family members in 2017, but it was ultimately suspended.

• In Wednesday’s early afternoon trading, Nordstrom’s shares were up 0.4% at $22.92.
• This year they have increased their worth by about 25% so far.

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