With financial support from their extended family and Hispanic department store chain El Puerto de Liverpool, Pete and Erik Nordstrom have made an offer to privatize the Seattle-based business for$ 23 per share.
According to a Wednesday regulatory processing, the partnership of Nordstrom family members and Liverpool are proposing a deal where the family would collectively individual 50.1 % of the business and England would control the rest. About two years ago, Liverpool acquired a 9.6 % stake in Nordstrom.
The Nordstroms and Liverpool are agreeing to pay the deal, which is valued at nearly$ 3.8 billion, along with$ 250 million in new bank financing to buy shares from all investors.
The present was received, according to the board of directors of Nordstrom, in a media release on Wednesday. In response to Erik and Peter Nordstrom’s desire to go secret, the special committee was established in April.
According to the special committee and the other separate directors, the special council and independent financial and legal advisors will thoroughly examine the proposal in consultation with separate financial and legal advisors to decide the best course of action for Nordstrom and all shareholders, according to the special committee’s press release. No action is required at this time by Nordstrom owners.
Erik and Peter Nordstrom, both CEO and president of the company, are the great-grandsons of leader John W. Nordstrom, who founded the department store chain as a shoe shop in 1901. According to the regulatory processing, the brothers wanted to privatize the business after citing their father Bruce Nordstrom’s heath earlier this year.
Bruce Nordstrom, the company’s former president who helped information it through large development,  , died in May at age 90.
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