The Nordstrom family, with the backing of a Mexican retail group, has made a $3.76 billion offer to take the department store chain private. The family, who owns 33.4% of the company’s stock, is offering $23 per share to investors. The Mexican group, El Puerto de Liverpool, already owns 9.6% of Nordstrom stock and operates over 300 stores in Mexico. The offer represents a 35% premium to Nordstrom’s stock price since reports of the potential buyout first surfaced in March. The family has secured $250 million in new bank financing for the deal. The fourth-generation leaders of Nordstrom, Erik B. and Peter E. Nordstrom, are behind the proposal, with Erik serving as CEO and Peter as president. The health of their late father, former chairman Bruce Nordstrom, who passed away in May at 90 years old, is cited as a motivation for the deal. Nordstrom has formed a special committee of the board of directors to evaluate the offer. Nordstrom’s shares, which have risen 27% this year, were down slightly to $22.49 before the opening bell Wednesday. This offer marks a significant development in the future of the 120-year-old retail chain.
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