Nordstrom gets $23 a share buyout proposal from family founders, Liverpool

4th Sep 2024 14:14

(Sharecast News) - Nordstrom confirmed on Wednesday that it has received a buyout proposal from members of the Nordstrom family and Mexican retailer El Puerto de Liverpool (Liverpool) at $23 per share.

The consideration would be financed through a combination of rollover equity and cash commitments by members of the Nordstrom family and Liverpool and $250m in new bank financing, with the existing indebtedness of the company to remain outstanding.

Nordstrom announced in April that the family was interested in a potential deal. It said at the time that it would form a special committee of independent directors to evaluate any proposal.

"The special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders," the department store chain said on Wednesday.

"No action is required by Nordstrom shareholders at this time."

It added that there can be no certainty it will pursue the transaction or other strategic outcome, or that a proposed transaction will be approved or consummated.