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Nordstrom Agrees to $6.25 Billion Acquisition by Founding Family and Retailer

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ACQUISITION,DEPARTMENT STORES,NORDSTROM

Nordstrom Inc. has accepted a $6.25 billion acquisition offer from its founding family and Mexican retailer El Puerto de Liverpool. The deal, which represents a 42% premium to the stock's price before the deal was announced, gives the Nordstrom family majority ownership of the luxury department store chain.

has agreed to be acquired by its founding family and Mexican retailer El Puerto de Liverpool in a deal that values the luxury department store operator at about $6.25-billion, including debt. The company’s shareholders will get $24.25 in cash for each share held, an increase from the $23 apiece offer made in September. The offer price represents a 42 per cent premium to the stock’s unaffected close on March 18.

Reuters exclusively reported on March 19 that the founding family was seeking to take Nordstrom private, six years after a similar attempt proved unsuccessful.The acquisition gives the family consisting of CEO Erik Nordstrom and President Pete Nordstrom a majority ownership stake in the company and comes at a time when department store chains across the U.S. are grappling with muted sales amid higher costs. Nordstrom had formed a special committee in February in response to interest expressed by Erik and Pete Nordstrom for a possible deal

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