Nordstrom has received a bid from members of the Nordstrom family, along with Mexican department store retailer El Puerto de Liverpool, to take the company private in a deal valued at $3.76 billion. The retailer’s board of directors confirmed that the group, led by Erik and Pete Nordstrom — currently CEO and President, respectively — have offered $23 per share in cash for all outstanding shares not currently owned by them, other family members or Liverpool.
The merger would be financed through a combination of rollover equity, cash commitments from Nordstrom family members and Liverpool along with $250 million in new bank financing, with Nordstrom’s existing indebtedness remaining standing.
Erik and Pete Nordstrom had expressed their interest in taking the company private in April 2024, which was when the retailer’s board of directors formed a committee to evaluate the proposal. The Nordstrom board warned that acknowledging this current offer does not mean it will pursue this transaction or other strategic action, or that any transaction will be consummated.
For its Q2 2024, which ended Aug. 3, 2024, Nordstrom generated $3.78 billion in net sales, a 3.4% increase over the same period the previous year, with comp sales climbing 1.9%. The retailer operates a total of 370 locations, including 93 Nordstrom stores and 269 Nordstrom Rack stores.
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