The Nordstrom family is looking to take the department store chain Nordstrom private. The chain was founded by John W. Nordstrom and Carl F. Wallin in 1901.
Erik and Peter Nordstrom, the great-grandsons of John Nordstrom, confirmed their intention in a statement issued on Wednesday. The two formed an ownership group with other members of the family while also teaming up with the Mexican retail chain El Puerto de Liverpool.
Nordstrom family currently owns roughly 33.4% of Nordstrom’s common shares, while El Puerto de Liverpool acquired a 9.4% stake in the company in 2022.
The group is now offering $23 per share to other shareholders to take Nordstrom out of the public market. The proposed deal is valued at $3.8 billion and would see the Nordstrom family owning 50.1% of the chain and Puerto de Liverpool owning the remaining 49.9%.
The initial reports of Nordstrom family’s offer surfaced in March with the company forming a special committee to evaluate the proposal. Private equity firm Sycamore Partners also expressed interest in taking over Nordstrom back in May.
This isn’t the first time that the Nordstrom family has attempted to get their family company back. In 2018, an offer of $50 per share and $8.4 billion in total was made but the take-private attempt ended up being unsuccessful.
Nordstrom’s stock has been trading at $22.84 per share on Wednesday, which is 24.88% up year-to-date.