ERIK AND PETE NORDSTROM LOOK TO TAKE NORDSTROM PRIVATE IN PARTNERSHIP WITH MEXICAN INVESTOR

A special committee of the board of directors of Nordstrom, Inc. has received a proposal from Erik and Pete Nordstrom, other members of the Nordstrom family, and El Puerto de Liverpool, S.A.B. de C.V. (owners of the Mexican department store chain Liverpool) to acquire all outstanding shares of the company for $23.00 per share in cash.

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 $250 million in new bank financing, with the company’s existing indebtedness remaining outstanding.

The special committee, composed of independent and disinterested directors, was formed in response to Erik and Pete Nordstrom’s interest in exploring a possible transaction.