The Nordstrom board has formed a special committee of independent directors to evaluate a proposal by Erik and Pete Nordstrom’s to explore a transaction to take the company private.
Nordstrom continues to execute its strategic plan, the company stated, as the board examines possible avenues to enhance shareholder value.
Erik and Pete Nordstrom, the company’s CEO and president, respectively, and members of the company’s founding family recently notified the board of their interest in pursuing a transaction that would result in Nordstrom’s becoming a private entity, the company stated. The special committee that will conduct the evaluation retained Morgan Stanley & Co. LLC and Centerview Partners LLC as financial advisors and Sidley Austin LLP and Perkins Coie LLP as legal counsel.
Nordstom stated the company hasn’t made a determination on any particular transaction or other strategic outcomes, or that a proposed transaction would be approved or consummated. It added that the company doesn’t intend to disclose further developments about a potential transaction unless necessary.
