Nordstrom founders offer $23 per share to take department store private

(Reuters) -Nordstrom’s founding family has made a bid to take the department store chain private by offering $23 per share in cash for the stake they do not already own, a filing showed on Wednesday.

The company had in April confirmed the family’s interest in pursuing a potential deal and said the department store chain’s board has decided to form a special committee of independent directors to evaluate any proposal.

In 2018, Nordstrom (NYSE:JWN) rejected a bid worth $8.4 billion from the family, saying it was too small and later ended discussions with the group, including CEO Erik Nordstrom, after failing to agree on a price.

The group consisting of the CEO and Chairman Peter Nordstrom together own about 54.6 million shares, representing about 33.4% of the company’s stake, As of Sept. 4.

The founding family and Mexico-based retailer El Puerto de Liverpool sent a non-binding letter proposing a transaction whereby they would form a new entity to buy the department store chain, according to the filing.