Erik and Pete Nordstrom Bid $23 a Share to Buy Nordstrom Inc., Liverpool in on the Deal
family and Mexican retailer Liverpool, have offered to acquire all of the outstanding shares of the company the group does not already own for $23 a share in cash for a total of $3.8 billion.The offer was received by a special committee of the board of directors of Nordstrom Inc., which confirmed the receipt of it on Wednesday morning.
Going private takes the Nordstroms out from under the constant glare of Wall Street, and enables them to eliminate the time and costs of producing quarterly reports, staging conference calls and meetings with investors. They’ll deal with less scrutiny, far fewer stakeholders and regulatory requirements, and can be more decisive with a smaller constituency to report to. They’ll have more time to focus on long-term strategy and spend time with their families.
“On their own, the founding family would likely have some constraints around how much they want to pay. However, the involvement of Liverpool in the deal may mean there is potential to push the price higher – something the committee may well consider,” Saunders added. In the second quarter of this year, Nordstrom’s net earnings were down somewhat due to an asset impairment charge involving a decision to not open a new fulfillment center on the West Coast. But net sales increased 3.4 percent to $3.89 billion and comparable sales increased 1.9 percent, compared with the same period in fiscal 2023. Second-quarter net earnings came to $122 million, or 72 cents per diluted share. Earnings before interest and taxes reached $190 million.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
XPoNential Music Festival 2024: Where to buy tickets to see Guster, Roseanne Cash, Pete YornThe festival will be held Sept. 20-22 at Wiggins Waterfront Park in Camden, New Jersey.
Read more »
Breaking down Citi's trades; Short oil, buy dollar vs. euro, buy US stocksBreaking down Citi's trades; Short oil, buy dollar vs. euro, buy US stocks
Read more »
The 12 Best Fall Wedding Guest Dresses Starting at $50: Shop Formal, Demure and Dressy CasualShop Nordstrom, Petal + Pup, ASOS and more.
Read more »
Nordstrom’s Q2 Top-line Gains Lift Stock Price, Forecast Raised SlightlyNordstrom (JWN) Q2: Topline gains lift stock price.
Read more »
Nordstrom, Kohl's, Chewy rise premarket; PVH, Abercrombie & Fitch fallNordstrom, Kohl's, Chewy rise premarket; PVH, Abercrombie & Fitch fall
Read more »
Nordstrom Rack sales grow as shoppers seek discounts, giving hope to Seattle-based companySales are looking positive for Seattle-based Nordstrom, Inc., specifically the company's discount store Nordstrom Rack.
Read more »