Nordstrom founding family prepping March privatization offer
Nordstrom's [NYSE:JWN] founding family is finalizing plans to pursue privatizing the US department store business and may submit an offer as soon as March, according to a newswire report citing people with knowledge of the matter.
CNBC reported on the news, crediting sources with saying that the family met with investment banks during the week of 12 February and now awaits bank approval for deal financing.
Nordstrom did not respond to requests for comment.
The report noted that the group had previously partnered with Leonard Green & Partners, the buyout firm, about a privatization offer back in October.