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March 6, 2018

Nordstrom rejects family buyout offer

NEW YORK (AP) — Department store operator Nordstrom said Monday it had rejected a takeover offer from members of the Nordstrom family, calling the price “inadequate.”

The family group, including co-presidents Blake, Peter and Erik Nordstrom, offered $50 in cash for each share of the company that the family doesn't own, plus the same price for about 21 percent of the company that individual family members own. In total, the family members — who are decedents of founder John W. Nordstrom — own about a 30 percent stake in the company, according to FactSet.

A special committee for the company's board of directors said it rejected the offer and said it will stop discussions with the family members unless they can increase the price. Last year, Nordstrom's board formed the committee to represent the company in any talks with the family over a potential sale.

Shares of Seattle-based Nordstrom Inc., which closed at $51.90 on Monday, fell about 3 percent in extended trading to $50.36, still above the offer price.



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