Major upscale department store goes private in $6.25 billion deal

A major American department store chain is going private in a $6.25billion deal that will see its founding family regain control. Executives at Nordstrom announced Monday that Erik, Pete and Jamie Nordstrom, as well as Mexican department store chain El Puerto de Liverpool, will acquire all of the remaining shares they do not own - giving the family a majority ownership, CNN reports. Shareholders will be reimbursed $24.25 for each share, which is about a 42 percent premium on the stock based on the price as of March 18, 2024, when speculation about the company being taken private first began.
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Major upscale department store goes private in $6.25 billion deal