Nordstrom Board Rejects Family's ``Inadequate'' Buyout Proposal

(Bloomberg) -- Nordstrom is rejecting the family group’s buyout proposal after determining the $50/share price to be "inadequate.”

• The retailer’s special committee has told its advisers and management not to give further due diligence information to the Nordstrom family group
• Nordstrom says the special committee plans to end talks unless the family group can promptly and substantially improve the price it is proposing to pay for the retailer
• NOTE: March 1, Nordstrom Family Seen Struggling to Get Financing: NYP (Feb. 28)

Link to Statement: Special Committee of Nordstrom Board Announces the Receipt and Rejection of an Indicative Proposal to Acquire the Company

To contact the reporter on this story: Katherine Tam in New York at ktam1@bloomberg.net.

To contact the editor responsible for this story: Lauren Berry at lberry4@bloomberg.net.

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