Special Committee of Nordstrom Board Confirms Receipt of Going-Private Transaction Proposal from Nordstrom Family and Liverpool
Nordstrom (NYSE: JWN) has received a going-private transaction proposal from the Nordstrom family and Liverpool (BMV: LIVEPOL) to acquire all outstanding shares at $23.00 per share in cash. The proposal involves financing through rollover equity, cash commitments, and $250 million in new bank financing, with existing company debt remaining outstanding.
A special committee of independent directors will review the proposal to determine the best course of action for Nordstrom and its shareholders. The committee was formed in response to interest from Erik and Pete Nordstrom in exploring a possible transaction. Morgan Stanley & Co. and Centerview Partners are acting as financial advisors, while Sidley Austin LLP and Perkins Coie LLP are providing legal counsel.
Nordstrom (NYSE: JWN) ha ricevuto una proposta di transazione per andare privatamente dalla famiglia Nordstrom e Liverpool (BMV: LIVEPOL) per acquisire tutte le azioni in circolazione a 23,00 $ per azione in contante. La proposta prevede un finanziamento tramite equity roll-over, impegni di cassa e 250 milioni di dollari in nuovo finanziamento bancario, con il debito esistente della società che rimarrà in essere.
Un comitato speciale di amministratori indipendenti esaminerà la proposta per determinare la migliore linea d'azione per Nordstrom e i suoi azionisti. Il comitato è stato formato in risposta all'interesse di Erik e Pete Nordstrom di esplorare una possibile transazione. Morgan Stanley & Co. e Centerview Partners fungono da consulenti finanziari, mentre Sidley Austin LLP e Perkins Coie LLP offrono consulenza legale.
Nordstrom (NYSE: JWN) ha recibido una propuesta de transacción para convertirse en privado de la familia Nordstrom y Liverpool (BMV: LIVEPOL) para adquirir todas las acciones en circulación a 23,00 $ por acción en efectivo. La propuesta implica financiamiento a través de equity rollover, compromisos de efectivo y 250 millones de dólares en nuevo financiamiento bancario, con la deuda existente de la empresa manteniéndose vigente.
Un comité especial de directores independientes revisará la propuesta para determinar el mejor curso de acción para Nordstrom y sus accionistas. El comité se formó en respuesta al interés de Erik y Pete Nordstrom en explorar una posible transacción. Morgan Stanley & Co. y Centerview Partners están actuando como asesores financieros, mientras que Sidley Austin LLP y Perkins Coie LLP brindan asesoría legal.
노드스트롬 (NYSE: JWN)은 노드스트롬 가족과 리버풀(BMV: LIVEPOL)로부터 모든 유통 주식을 주당 23.00 달러에 현금으로 인수하겠다는 사모 거래 제안을 받았습니다. 이 제안은 롤오버 자본, 현금 약정 및 2억 5천만 달러의 새로운 은행 자금 조달을 통해 자금을 마련하며, 기존 회사 부채는 남아있게 됩니다.
독립 이사들로 구성된 특별 위원회가 노드스트롬과 주주들을 위한 최선의 조치를 결정하기 위해 제안을 검토할 것입니다. 이 위원회는 에릭과 피트 노드스트롬의 관심에 대응하여 구성되었습니다. 모건 스탠리 & 코와 센트뷰 파트너스가 재무 자문 역할을 하며, 시들리 오스틴 LLP와 퍼킨스 코이 LLP가 법적 자문을 제공합니다.
Nordstrom (NYSE: JWN) a reçu une proposition de transaction pour devenir privé de la part de la famille Nordstrom et de Liverpool (BMV: LIVEPOL) pour acquérir toutes les actions en circulation à 23,00 $ par action en espèces. La proposition implique un financement par le biais d'équité de roulement, d'engagements de liquidités et de 250 millions de dollars de nouveau financement bancaire, les dettes existantes de l'entreprise restant en cours.
Un comité spécial d'administrateurs indépendants examinera la proposition pour déterminer la meilleure ligne de conduite pour Nordstrom et ses actionnaires. Le comité a été formé en réponse à l'intérêt d'Erik et Pete Nordstrom d'explorer une transaction possible. Morgan Stanley & Co. et Centerview Partners agissent en tant que conseillers financiers, tandis que Sidley Austin LLP et Perkins Coie LLP fournissent des conseils juridiques.
Nordstrom (NYSE: JWN) hat ein Angebot für eine Privattransaktion von der Familie Nordstrom und Liverpool (BMV: LIVEPOL) erhalten, um alle ausstehenden Aktien zu einem Preis von 23,00 $ pro Aktie in bar zu erwerben. Das Angebot sieht die Finanzierung durch Rollover-Equity, Bargeldverpflichtungen und 250 Millionen Dollar an neuer Bankfinanzierung vor, wobei die bestehenden Unternehmensschulden weiterhin bestehen bleiben.
Ein Sonderausschuss von unabhängigen Direktoren wird das Angebot prüfen, um den besten Kurs von Nordstrom und seinen Aktionären zu bestimmen. Der Ausschuss wurde als Reaktion auf das Interesse von Erik und Pete Nordstrom an einer möglichen Transaktion gebildet. Morgan Stanley & Co. und Centerview Partners fungieren als Finanzberater, während Sidley Austin LLP und Perkins Coie LLP rechtliche Beratung leisten.
- Potential acquisition offer at $23.00 per share in cash
- $250 million in new bank financing proposed
- Existing company debt to remain outstanding, potentially reducing transaction complexity
- Uncertainty regarding approval or consummation of the proposed transaction
- Potential conflicts of interest with Nordstrom family members involved in the proposal
The $23.00 per share offer represents a significant premium over Nordstrom's recent trading price, potentially unlocking value for shareholders. However, this going-private proposal raises concerns about the company's future growth prospects and ability to compete in the evolving retail landscape. The $250 million in new bank financing suggests a leveraged buyout structure, which could strain the company's balance sheet.
Investors should consider the potential conflicts of interest, as the Nordstrom family's involvement may not align with minority shareholders' interests. The partnership with Liverpool, a Mexican retail giant, could bring international expertise but also introduces geopolitical risks. Overall, this proposal signifies a pivotal moment for Nordstrom, with implications for its strategic direction and shareholder value.
The formation of a special committee composed of independent and disinterested directors is a important step in ensuring fair consideration of this going-private proposal. This governance structure aims to protect minority shareholders' interests and mitigate potential conflicts arising from the Nordstrom family's involvement.
The engagement of reputable financial advisors (Morgan Stanley and Centerview Partners) and legal counsel (Sidley Austin and Perkins Coie) underscores the board's commitment to a thorough evaluation process. However, shareholders should remain vigilant about the potential for insider advantages and carefully scrutinize the fairness of the offer price. The board's emphasis on acting in the best interests of all shareholders will be critical in navigating this complex transaction.
This going-private proposal signals a significant shift in Nordstrom's strategy, potentially allowing for more agile decision-making away from public market pressures. The partnership with Liverpool could provide valuable synergies and expansion opportunities, particularly in the Latin American market. However, it also raises questions about Nordstrom's ability to compete as a public company in the current retail environment.
The $23.00 per share offer suggests that the Nordstrom family and Liverpool see untapped value in the company's assets and brand. Investors should consider how this move might impact Nordstrom's ability to invest in e-commerce and omnichannel strategies, which are important for success in today's retail landscape. The potential privatization could lead to a more focused, long-term approach to revitalizing the Nordstrom brand and business model.
The proposal states that the merger consideration would be financed through a combination of rollover equity and cash commitments by members of the Nordstrom family and Liverpool and
The special committee, composed of independent and disinterested directors, was formed in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction. The special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders. No action is required by Nordstrom shareholders at this time.
There can be no assurance that the Company will pursue this transaction or other strategic outcome, or that a proposed transaction will be approved or consummated. The Company does not intend to disclose further developments regarding this matter unless and until further disclosure is determined to be appropriate or necessary.
Morgan Stanley & Co. LLC and Centerview Partners LLC are acting as financial advisors to the special committee, and Sidley Austin LLP and Perkins Coie LLP are acting as legal counsel.
ABOUT NORDSTROM
At Nordstrom, Inc. (NYSE: JWN), we exist to help our customers feel good and look their best. Since starting as a shoe store in 1901, how to best serve customers has been at the center of every decision we make. This heritage of service is the foundation we're building on as we provide convenience and true connection for our customers. Our interconnected model enables us to serve customers when, where and how they want to shop – whether that's in-store at more than 350 Nordstrom, Nordstrom Local and Nordstrom Rack locations or digitally through our Nordstrom and Rack apps and websites. Through it all, we remain committed to leaving the world better than we found it.
Certain statements in this press release contain or may suggest "forward-looking" information (as defined in the Private Securities Litigation Reform Act of 1995) that involves risks and uncertainties that could cause results to be materially different from expectations. The words "will," "may," "designed to," "outlook," "believes," "should," "targets," "anticipates," "assumptions," "plans," "expects" or "expectations," "intends," "estimates," "forecasts," "guidance" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address such future events or expectations are forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024, as supplemented by the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended May 4, 2024, and the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended August 3, 2024, to be filed with the SEC on or about September 5, 2024. In addition, forward-looking statements contained in this release may be impacted by the actual outcome of events or occurrences related to the Company's announcement of its receipt of a proposal by members of the Nordstrom family and El Puerto de Liverpool, S.A.B. de C.V. to acquire all the outstanding shares of the Company. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
INVESTOR CONTACT:
James Duies
Nordstrom, Inc.
InvRelations@Nordstrom.com
MEDIA CONTACT:
Stephanie Corzett
Nordstrom, Inc.
NordstromPR@Nordstrom.com
Matthew Sherman / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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SOURCE Nordstrom, Inc.
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