Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal as the industry is being squeezed by discount chains and other competition. Public companies are under a lot more scrutiny and, if private, the Nordstroms may have more leeway in reviving a department store chain that, like others, has looked to revive lackluster sales for years. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company’s stock as of March 18, when reports of a potential transaction was reported by the media. The Nordstroms will also pick up more than $2 billion in debt. Rivals like Macy’s and Kohl’s have been pressured by major investors to make huge changes in order to return more profit to shareholders.
Comment on Nordstrom to be acquired by family members, Mexican company in $6.25 billion deal
Matt Ott, Chicago Tribune: Business
Mon, 12/23/2024 - 10:00am
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