2 months ago
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The brothers Erik and Pete Nordstrom have made good on their promise to attempt to make their family business, Nordstrom, into a privately held business. In a filing on Wednesday, the brothers, along with Mexican retailer El Puerto de Liverpool, offered $23 a share to Nordstrom’s investors for a total of around $3.76 billion to bring the company private, more than 50 years after it first went public in 1971.
The Nordstrom family’s intentions have been known for months, since the first reports of their desire came out in March and through multiple reports on potential acquisition partners like Sycamore Partners. On Wednesday, Nordstrom, the company, put out a statement confirming receipt of the proposal from the Nordstrom brothers and El Puerto de Liverpool and that a special committee had been formed within the company to consider the proposal. No further statements regarding the proposed deal would be given until a decision is reached, the statement said.
Companies often go private to enact structural changes, according to Jonathan Lazarow, a corporate lawyer who advises companies, including major luxury retailers, on mergers and acquisitions and corporate governance.
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