Nordstrom To Be Taken Private by Founding Family in $6.25B Deal | Global News Avenue

Nordstrom (Jiangxi Network) will exit the stock market shortly after agreeing to be taken private by its founding family and Mexican retailer El Puerto de Liverpool, valuing the department store chain at about $6.25 billion.

After the transaction is completed, the Nordstrom family will own 49.9% of Liverpool’s 50.1% shares. Nordstrom said that the transaction will be completed in the first half of next year. The deal must also be approved by two-thirds of Nordstrom shareholders, which includes a majority of Nordstrom’s non-family and non-Liverpool shareholders.

Shareholders will receive $24.25 for each share they own, plus the company’s regular 19 cents dividend Dividends per share will continue to be paid quarterly, and a special dividend of 25 cents per share will be paid upon completion of the transaction.

Nordstrom noted that the price per share represents a premium of approximately 42% compared to mid-March, when reports of the potential acquisition emerged. Nordstrom shares rise on news The increase exceeded 9% on March 19and they’ve been trending upward in the months since.

The deal also goes further than the $3.8 billion, or $23 per share, offer made by the Nordstrom family and Liverpool. disclosed in regulatory filings September. Nordstrom earnings beat expectations in the most recent quarter Following this proposal, though, executives said they saw “a significant decline in sales trends” at the end of October.

Nordstrom shares fell 1.4% to $24.20 on Monday morning, just below the $24.25 price shareholders received when they approved the deal.