A special committee of Nordstrom’s board rejected a roughly $8.4 billion offer, amounting to $50 a share, from the founding Nordstrom family to buy the company, saying the price was too low.

In a statement, the Special Committee of the Board of Directors of Nordstrom Inc. announced that it has been notified by a group consisting of members of the Nordstrom family–company co-presidents Blake W. Nordstrom, Peter E. Nordstrom and Erik B. Nordstrom; president of stores James F. Nordstrom; chairman emeritus Bruce A. Nordstrom and Anne E. Gittinger,  that the Group intends to submit a proposal to purchase all of the outstanding shares of common stock of the Company not already owned by the Group, and approximately 21 percent of the shares owned by the Nordstrom family members in the Group, for $50.00 per share in cash.

The Special Committee has reviewed the Group’s indicative acquisition proposal, in consultation with its financial advisor and legal counsel, and has determined that the price proposed is inadequate. The Special Committee has directed its advisors and management not to provide further due diligence information to the Group. Furthermore, unless the Group can promptly and substantially improve the price it is proposing to pay for the company, the Special Committee intends to terminate discussions.

The Special Committee is committed to protecting the interests of the company and all of its shareholders. The Special Committee is being advised by Centerview Partners LLC as financial advisor and Sidley Austin LLP as legal counsel.