The bidders propose to purchase all outstanding shares not already owned by the Nordstrom family and Liverpool for $23.00 per share. Credit: JHVEPhoto/Shutterstock.

Nordstrom‘s board of directors’ special committee has acknowledged a proposal from the company’s founding family members to privatise the department store.  

The offer is led by Erik and Pete Nordstrom and includes other family members and Mexican retailer El Puerto de Liverpool, collectively holding an almost 44% stake in Nordstrom. 

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The bid proposes to purchase all outstanding shares not already owned by the Nordstrom family and Liverpool for $23.00 per share in cash. 

This values the offer around $3.76bn, as reported by Reuters. 

The acquisition would be funded by a mix of rollover equity, cash commitments from the Nordstrom family and Liverpool, and $250m in new bank financing. The company’s current debt would remain in place. 

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The special committee, consisting of independent directors, was established following expressions of interest from Erik and Pete Nordstrom in a potential transaction.  

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The committee, along with other independent directors, will evaluate the proposal with the assistance of independent financial and legal advisors to decide what is most beneficial for Nordstrom and its shareholders.  

At present, no action is required from Nordstrom shareholders. 

The company has stated that there is no certainty of pursuing this transaction or any other strategic outcome, and no guarantee of approval or completion of the proposed transaction. 

 The company will not provide updates on the matter unless this becomes appropriate or necessary. 

Financial advice for the special committee is being provided by Morgan Stanley & Co and Centerview Partners, with Sidley Austin and Perkins Coie serving as legal counsel.  

In May 2024, Reuters reported that Sycamore Partners was interested in taking Nordstrom private. 

The company operates a network of more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations across the globe.