Nordstrom Inc. spurned a takeover offer from the department-store chain’s own founding family, saying the $50-a-share bid was too low.
A group of Nordstrom family members, which already own about 21 percent of shares, informed the board that they intended to acquire remaining shares at that price. After consulting with its financial adviser and legal counsel, a special committee of the board deemed the offer “inadequate,” the company said on Monday.
“The special committee has directed its advisers and management not to provide further due diligence information to the group,” Nordstrom said in a statement. “Furthermore, unless the group can promptly and substantially improve the price it is proposing to pay for the company, the special committee intends to terminate discussions.”
A representative for the Nordstrom family didn’t have an immediate comment.