Special Committee of Nordstrom board confirms receipt of going-private proposal

The special committee of the Board of Directors of Nordstrom confirmed receipt of a proposal from Erik and Pete Nordstrom, other members of the Nordstrom family, and El Puerto de Liverpool, to acquire all of the outstanding shares of the company, other than shares held by members of the Nordstrom family and Liverpool, for $23.00 per share in cash. The proposal states that the merger consideration would be financed through a combination of rollover equity and cash commitments by members of the Nordstrom family and Liverpool and $250M in new bank financing, with the existing indebtedness of the company to remain outstanding. The special committee, composed of independent and disinterested directors, was formed in response to interest expressed by Erik and Pete Nordstrom in exploring a possible transaction. The special committee and the other independent directors will carefully review the proposal in consultation with independent financial and legal advisors to determine the course of action that is in the best interests of Nordstrom and all shareholders. No action is required by Nordstrom shareholders at this time. There can be no assurance that the company will pursue this transaction or other strategic outcome, or that a proposed transaction will be approved or consummated. The company does not intend to disclose further developments regarding this matter unless and until further disclosure is determined to be appropriate or necessary.