Argus double downgrades Nordstrom, does not see another bidder

As previously reported, Argus analyst John Eade double downgraded Nordstrom (JWN) to Sell from Buy. The stock in midday trading is down 7c to $24.13. Nordstrom last week signed a definitive agreement under which members of the Nordstrom family and El Puerto de Liverpool will acquire all of the outstanding common shares of Nordstrom not already beneficially owned by the Nordstrom Family and Liverpool in an all-cash transaction valued at approximately $6.25B on an enterprise basis. Under the terms of the agreement, Nordstrom common shareholders will receive $24.25 in cash for each share. Argus does not see another bidder emerging to pay a premium to the family’s offer. As such, it suggests current shareholders take profits from the recent run-up in the share price.