NEW YORK (AP) — Members of the Nordstrom family with the help of a Mexican retail group are offering to take the century-old department store private for
NEW YORK — Members of the Nordstrom family with the help of a Mexican retail group are offering to take the century-old department store private for $3.76 billion per share cash, months after first expressing interest in a buyout.
The Mexican retail group, called El Puerto de Liverpool, operates more than 300 stores in Mexico and is that nation’s third-largest credit card issuer with over 7.2 million active accounts. It already owns approximately 9.6% of Nordstrom stock. Nordstrom, based in Seattle, acknowledged receipt of the proposal and a special committee of the board of directors — which it had already formed in April — will evaluate the offer.The two presidential nominees are using the week before their debate to sharpen their economic messages about who could do more for the middle class.
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