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What you need to know
- Nordstrom, a department store chain in the United States and Mexico, agreed to be acquired by El Puerto de Liverpool (a Mexican retailer) as part of a $6.25-billion deal.
- El Puerto de Liverpool will own 49.9% of the company, with members of its founding families holding 50.1%.
- Shareholders will receive $24.25 per share, a few cents above the stock's intraday price Monday.
Nordstrom, or JWN as it is commonly known on the market today, will be removed from the stock exchange soon after its founder family and Mexican retailer El Puerto de Liverpool agreed to take the chain private. The deal valued the department store at approximately $6.25 billion.
The Nordstrom family will own a 50.1% stake to Liverpool's 49.9% stake when the deal closes, which Nordstrom said should be in the first half of next year. The deal will also have to be approved by two-thirds of Nordstrom shareholders, including a majority of Nordstrom's non-family and non-Liverpool shareholders.
The deal will see shareholders receive $24.25 per share. This includes the regular quarterly dividend of 19 cents per share and the special 25-cent dividend.
Nordstrom stated that its per-share value is 42% higher than it was in mid-March when reports of an alleged takeover emerged. Nordstrom’s shares rose over 9% in March, and have continued to trend higher ever since.
It is also an improvement over the offer of $3.8 billion, or $23 a share from Nordstrom and Liverpool revealed in a September regulatory filing. Nordstrom’s latest quarterly earnings exceeded expectations following the offer. Executives said that they had not seen anything like it. “noticeable decline in sales trends” At the end of November.
Nordstrom’s shares fell 1.4% to $24.20 on Monday, just under the $24.25 approved price for shareholders.
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