Skip to content
Subscriber Only
Markets
Deals

Nordstrom's Spurned $8.4 Billion Bid Sends Family Scrambling

  • Board rejects $50-a-share bid, calling the price ‘inadequate’
  • Nordstrom clan embarked on take-private campaign last June
Bloomberg business news

Nordstrom's Board Rejects Founding Family's $8.4B Bid in Retail Rift

By

Updated on

A rejected takeover bid that valued Nordstrom Inc. at about $8.4 billion is pitting the department-store chain’s board against its top executives.

After the company’s founding family put together an offer of about $50 a share in cash, Nordstrom’s independent directors spurned the deal on Monday, saying the price was too low. The board members, who formed a special committee to evaluate a possible transaction, warned the would-be buyers to quickly increase their offer or move on.