A special committee of the Nordstrom Board of Directors confirmed receipt of a proposal from Erik and Pete Nordstrom, other members of the Nordstrom family and El Puerto de Liverpool to acquire all of the outstanding shares of the company, other than shares held by members of the Nordstrom family and Liverpool, for $23 per share in cash.
The proposal to the Nordstrom board committee states financing for the acquisition would come from a combination of rollover equity and cash commitments by members of the Nordstrom family and Liverpool and $250 million in new bank financing, with the existing indebtedness of the company to remain outstanding.
Nordstrom formed the special committee, composed of independent and disinterested directors, in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction. The special committee and the other independent directors will review the proposal in consultation with independent financial and legal advisors to determine what course of action is in the best interests of Nordstrom and its shareholders, the company stated.
