World News | Nordstrom to Be Acquired by Nordstrom Family, Mexican Retail Group for $6.25 Billion
Get latest articles and stories on World at LatestLY. 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.
New York, Dec 23 (AP) 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.
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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. (AP)
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