Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday.
Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18, when reports of a potential transaction was reported by the media.
Nordstrom’s board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting.
Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company.