Headlines

Nordstrom Board Rejects Family’s Buyout Deal

Independent directors seek a higher per-share bid

Published

6 years ago

March 6, 2018

kmpeyton

In seeking to take the company private, Nordstrom’s (Seattle) board has denied a bid put together by the retailer’s founding family.

The proposed bid included an offer of approximately $50 per share in cash, reports Bloomberg. The department store’s independent directors struck down the deal, claiming it was too low.

To evaluate the possible deal, board members formed a special committee, and then suggested the offer be increased before any deal could move forward. The decision puts the Nordstrom family – a clan of highly ranked retail executives, including co-presidents Blake Nordstrom, Peter Nordstrom and Erik Nordstrom – at odds with its board. Its independent directors include JPMorgan Chase & Co. and TaskRabbit Inc. executives.

Talks of a buyout, which ramped up last June, have boosted Nordstrom’s stock in recent months, landing right around $50 per share at yesterday’s market close.

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