SEATTLE--(BUSINESS WIRE)--Mar. 5, 2018--
The Special Committee of the Board of Directors of Nordstrom, Inc.
(NYSE: JWN) announced today that it has been notified 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 “Group”) that the Group intends to submit a
proposal to purchase all of the outstanding shares of common stock of
the Company not already owned by the Group, and approximately 21% of the
shares owned by the Nordstrom family members in the Group, for $50.00
per share in cash.
The Special Committee has reviewed the Group’s indicative acquisition
proposal, in consultation with its financial advisor and legal counsel,
and has determined that the price proposed is inadequate. The Special
Committee has directed its advisors and management not to provide
further due diligence information to the Group. Furthermore, unless the
Group can promptly and substantially improve the price it is proposing
to pay for the Company, the Special Committee intends to terminate
The Special Committee is committed to protecting the interests of the
Company and all of its shareholders. The Special Committee is being
advised by Centerview Partners LLC as financial advisor and Sidley
Austin LLP as legal counsel.
No assurances can be given regarding the terms and details of any
transaction, that any proposal made by the Group will be accepted by the
Special Committee, that definitive documentation relating to a
transaction will be executed, or that a transaction will be consummated
in accordance with that documentation, if at all. The Company undertakes
no obligation to update or revise this press release to reflect
subsequent events, new information or future circumstances, except as
required by law.
SOURCE Nordstrom, Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180305006221/en/
Source: Nordstrom, Inc.
Special Committee of the Board of Directors of Nordstrom:
Verbinnen & Co
Meghan Gavigan/Emily Claffey/Alyssa Linn