Erik and Pete Nordstrom's proposal to take Nordstrom Inc. private is being reviewed the board.
The news boosted Nordstrom shares 4.4 percent by the close of trading on Thursday, and another 2 percent in after hours, bringing the price to $19.11.LVMH's Michael Burke, Tracee Ellis Ross and Pete Nordstrom Honored at Fashion Scholarship Fund Gala
The board indicated that a range of possible avenues for advancing shareholder value would be examined. “Nordstrom Inc. is committed to enhancing shareholder value and regularly evaluates a wide range of strategic, financial and operational alternatives as the company continues to execute its strategic plan,” the board stated.
The board’s special committee retained Morgan Stanley & Co. and Centerview Partners as financial advisers and Sidley Austin LLP and Perkins Coie LLP as legal counsel. On Wednesday, the filing indicated that, due to the health of their father, Bruce Nordstrom, the Nordstrom brothers acquired shared beneficial ownership of 1,555,200 shares of common stock by accepting trusteeship of the 1976 Bruce A. Nordstrom Trust, and shared beneficial ownership of 6,935,360 shares of common stock by accepting the trusteeship of the Frances W. Nordstrom Trust.
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