According to the company, on Wednesday morning, brothers Erik and Peter Nordstrom made a bid to take the billion-dollar department store chain Nordstrom
great-grandfather in 1901—private. This move may potentially return the company to family ownership.
According to Bloomberg, the company's president, Peter Nordstrom, and CEO, Erik Nordstrom, led a family alliance to acquire a 50.1% stake in Nordstrom.
a Mexican chain, was suggested to jointly acquire the remaining shares.
The plan is being examined by a committee of Nordstrom's board of directors, which is situated in Seattle and is probably made up of people other than the brothers
For $23, which is less than 1% above Nordstrom's closing share price of $22.82, the Nordstrom family and El Puerto de Liverpool
However, this is still a roughly 35% premium over what was originally reported about a take-private bid in March
Having witnessed the company's 1971 IPO at a split-adjusted price of less than $0.40 per share, Nordstrom passed away in May at the age of 90.
Nordstrom and sister Anne Gittinger, are among the other Nordstrom family members participating in the proposed acquisition.