Nordstrom family offers $3.76 billion bid to take century-old department store private
CBSN
Members of the Nordstrom family with the help of a Mexican retail group are offering to take the century-old department store private for $3.76 billion, months after first expressing interest in a buyout.
In a letter to the board of directors dated Tuesday, Erik Nordstrom said the Nordstrom family members own about 33.4% of the company's outstanding common stock and is willing to pay investors $23 for each share they own.
The Mexican retail group, called El Puerto de Liverpool, operates more than 300 stores in Mexico and is that nation's third-largest credit card issuer with over 7.2 million active accounts. It already owns approximately 9.6% of Nordstrom stock.
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