OAN Staff James Meyers
12:05 PM – Monday, December 23, 2024
Department store chain Nordstrom will be acquired by its founding family and Mexican retailer Liverpool for $4 billion in an all-cash deal, going private at a time when high-end retailers are struggling with slower consumer demand.
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The company’s “shareholders will receive $24.25 for each share they own,” Nordstrom said on Monday, an increase from a $23 offer made by the parties in September for shares they did not already own, representing a 42% premium on the company’s stock as of March 18th.
The Nordstrom family will retain majority ownership of the company with 50.1%, while the remaining 49.9% will be controlled by El Puerto de Liverpool, which is the second-largest department store retailer in Mexico.
“For over a century, Nordstrom…
