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Bond Market News
Nordstrom Bonds Drop as Founding Family Offers to Take Them Private
September 5, 2024
Nordstrom’s founding family has offered to take the company private for $23/share at a valuation of about $3.8bn. The bidders include CEO Erik Nordstrom, President Peter Nordstrom and Mexican retailer El Puerto de Liverpool that proposed to form a new entity to buy Nordstrom. The above three currently hold a combined 44% stake in the department store chain. They have been evaluating taking the company private since April, but have received no updates since then. The latest offer is a significant reduction from the $50/share bid made by the founding family in 2018, which was rejected by Nordstrom citing disagreements in the price.
Nordstrom’s bonds traded weaker, falling by nearly 2 points, with its 4.375% 2030s at 90 cents on the dollar, yielding 6.55%.
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