WASHINGTON (dpa-AFX) - Nordstrom Inc. (JWN) Monday said a special committee of the Board of Directors has rejected a proposal to take the company private after considering it to be insufficient.
Nordstrom said a group consisting of members of the Nordstrom family, including the company Co-Presidents Blake Nordstrom, Peter Nordstrom, and Erik Nordstrom, President of Stores James Nordstrom, Chairman Emeritus Bruce Nordstrom, and Anne Gittinger, notified the company that it intends to submit a proposal to purchase all shares 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 company said in a statement.
The Special Committee reviewed the Group's 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 discussions.
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