Nordstrom rejects takeover offer from Nordstrom family

Special committee of the Norstrom board has rejected the indicative acquisition offer made by a group consisting of members of the Nordstrom family – company Co-Presidents Blake W. Nordstrom, Peter E. Nordstrom, and Erik B. Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus Bruce A. Nordstrom, and Anne E. Gittinger. The family had approached the board with a proposal to purchase all of the outstanding shares of common stock of the company and around 21 percent of the shares owned by the Nordstrom family members in the group, for 50 dollars per share in cash.

The committee in consultation with its financial advisor and legal counsel reached a conclusion that the price proposed was inadequate. Furthermore, the company added that unless the group can promptly and substantially improve the price it is proposing to pay for the company, the committee would terminate discussions.

Meanwhile, in a separate release, the company announced a partnership with Anthropologie to introduce more than 200 items from Anthropologie Home at select Nordstrom full-line stores and on Nordstrom.com, beginning March 19, 2018. The Anthropologie Home collection, Nordstrom said, will encompass categories including kitchen, dining and entertaining, bed and bath textiles, room décor, stationery and hardware.

Picture:Nordstrom website