The Board of Directors of Nordstrom, Inc. reported that as part of its most recent evaluation of a wide range of strategic, financial, and operational alternatives as the company continues to execute its strategic plan, CEO Erik Nordstrom and President Pete Nordstrom expressed interest in taking the company private.
The Board said it had authorized the exploration of possible avenues to enhance shareholder value and, during this process, the two members of the founding family notified the Board of their interest in pursuing a potential transaction under which Nordstrom would become a private company.
In response, the Board has formed a special committee of independent and disinterested directors. The special committee will evaluate any proposals from Erik and Pete Nordstrom and any proposals from other parties and consider whether they are in the best interest of Nordstrom and all shareholders.
The special committee has engaged the services of Morgan Stanley & Co. LLC and Centerview Partners LLC as financial advisors, and Sidley Austin LLP and Perkins Coie LLP as legal counsel. These advisors will play a crucial role in the evaluation of any proposed transactions.
There can be no assurance that the company will pursue any particular transaction or other strategic outcome or that a proposed transaction will be approved or consummated. Nordstrom, Inc. does not intend to disclose further developments regarding this matter unless, and until further disclosure, it is determined to be appropriate or necessary.
Image courtesy Nordstrom
