The Special Committee of the Board of Directors of Nordstrom, Inc. (NYSE: JWN) has announced on Tuesday the rejection of the indicative take-private offer from the Nordstrom family group, since the Special Committee determined that “the price proposed is inadequate”.
The Nordstrom family group intended to submit a proposal to purchase all of the outstanding shares of common stock of the company not already owned by the Group, and approximately 21% of the shares owned by the Nordstrom family members in the Group, for $50.00 per share in cash, which is lower that closing price on Monday at $51.9.
According to a statement from Nordstrom, this family group is consisted of members of the Nordstrom family – Company Co-Presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus Bruce A. Nordstrom, and Anne E. Gittinger.
In October 2017, the Nordstrom Family group had announced that it would suspend the take-private plans and will put its take-private efforts on hold until after the holidays. The Nordstrom family believes that it can make more necessary investments on e-commerce and its stores more efficiently. Even though the offer has been rejected now, it is very likely that the family group will still keep working on a new offer.