What's Going On With Nordstrom Stock Today?

Zinger Key Points
  • The Nordstrom Family and Liverpool will acquire all outstanding shares of Nordstrom in a $6.25 billion deal.
  • Nordstrom shareholders will receive $24.25 per share in cash and a special dividend of up to 25 cents per share on closing.

Nordstrom, Inc. JWN shares are trading lower. The company on Monday announced that the Nordstrom Family and Liverpool will acquire all outstanding common shares of Nordstrom.

What To Know: Nordstrom said it signed a definitive agreement under which Erik, Pete, Jamie, other members of the Nordstrom family and Liverpool will acquire all shares not already owned by the parties in an all-cash transaction valued at approximately $6.25 billion on an enterprise basis.

Under terms of the agreement, Nordstrom shareholders will receive $24.25 per share in cash, representing a premium of approximately 42% over the company’s share price as of March 18. Nordstrom said March 18 was the last day its stock traded unaffected by media speculation.

The deal will also include a special dividend of up to 25 cents per share contingent on the transaction’s closing. The acquisition will result in Nordstrom becoming a private company. Following the close, the Nordstrom Family will own 50.1% of the company, with Liverpool holding 49.9%.

The Nordstrom Board has unanimously approved the proposed transaction upon the unanimous recommendation of a special committee of independent and disinterested directors that led the review and negotiation of this transaction. 

“Following a rigorous and independent evaluation and consultation with outside financial and legal advisors, the special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price,” said Eric Sprunk, chairman of the special committee.

JWN Price Action: Nordstrom shares were down 1.55% at $24.15 at the time of publication Monday, according to Benzinga Pro.

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