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Nordstrom board rejects $8.4B buyout offer

NEW YORK — Nordstrom (NYSE: JWN) said Monday it rejected a takeover offer from members of the Nordstrom family.

Nordstrom, Ottawa | Photo: Tile of Spain

The members, including co-presidents, Blake, Peter, and Erik Nordstrom, offered $50 USD cash for each share of the company that the family does not own, plus the same price for roughly 21 percent that individual family members own.

In total, the family members own about a 30 percent stake in the company.

A special committee for the board said it rejected the offer due to the “inadequate” price, and will stop discussions with the family members unless they can increase the price.

Taking the company private would pave the way for the department store to manage its reinvention amidst changing customer behaviour without the scrutiny of the public markets.

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