Nordstrom Inc. announced this week the completion of its all-cash acquisition by members of the Nordstrom family and El Puerto de Liverpool S.A.B. de C.V., finalizing a deal valued at $24.25 per share.
Shareholders will also receive two cash dividends: a special dividend of $0.25 per share and an additional $0.1462 per share representing a pro-rated quarterly dividend.
Nordstrom operates a Nordstrom Direct warehouse in southwest Cedar Rapids.
The company’s stock was delisted from the New York Stock Exchange this week as part of the deal.
Nordstrom, Inc. first announced in January it had signed a definitive agreement to take the company private in a transaction valued at approximately $6.25 billion.
The company was founded as Nordstrom in 1901 and first went public in 1971.
With the close of the deal, Erik and Pete Nordstrom will assume joint leadership of the company as co-chief executive officers. Jamie Nordstrom, along with other members of the founding family, was also involved in the transaction with Liverpool, a Mexican department store chain.
“The completion of this transaction is an important milestone in our nearly 125-year history,” said Erik Nordstrom. “As we embark on this new chapter, we remain focused on what matters most: providing outstanding service, offering the best merchandise, and ultimately, helping our customers feel good and look their best.”
Pete Nordstrom said the company’s customer-first philosophy remains unchanged.
“We’re excited to enter this next phase of the company’s evolution with the many customers and employees who have been an instrumental part of our story,” he said.
The acquisition comes after El Puerto de Liverpool S.A.B.’s attempt in September 2022 to purchase 9.9% of Nordstrom stock.
In response, Nordstrom adopted a “poison pill” plan, designed to fend off potential hostile takeover bids by preventing investors from acquiring more than 10% of the company’s stock shares.
The “poison pill,” also known as a shareholder rights plan, is designed to make it more difficult for an outside firm to launch a takeover attempt.
The Nordstrom board’s special committee was advised by Morgan Stanley & Co. LLC and Centerview Partners LLC, with legal counsel from Sidley Austin LLP and Perkins Coie LLP. The Nordstrom family received financial advice from Moelis & Company LLC and legal counsel from Wilmer Cutler Pickering Hale and Dorr LLP, Lane Powell PC and Davis Wright Tremaine LLP.
Liverpool was advised by J.P. Morgan Securities LLC, with legal services from Simpson Thacher & Bartlett LLP and Galicia Abogados S.C.
