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Nordstrom (JWN) Chief Executive Officer (CEO) Erik Nordstrom and other members of the company’s founding family have made a bid to take the fashion retailer private for $23 per share, according to n Securities and Exchange Commission (SEC) filing.
On Tuesday, Erik Nordstrom and Peter Nordstrom, the company's president, together with El Puerto de Liverpool, submitted a non-binding letter containing the offer. The Nordstrom family owns a 33.4% stake in the company, while Liverpool, a department store operator based in Mexico, owns nearly 10%.
The offer, which values the company at about $3.76 billion, is a less than 1% premium on Tuesday’s closing price. It comes months after a report said people familiar with the matter indicated that the family was exploring a potential deal.
The Nordstrom family has made prior attempts to take the company private. In 2017, a group of family members made a similar effort that was ultimately suspended, and in March 2018, Nordstrom's board rejected a higher, roughly $8.4 billion, bid from the founding family.
Erik and Peter Nordstrom are the great-grandsons of John Nordstrom, who founded the company in 1901.
Shares of Nordstrom were up 0.4% at $22.92 in early afternoon trading Wednesday. So far this year, they've added nearly a quarter of their value.
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As the first light of September 4th dawns, a deep sense of reverence fills the air, marking the celebration of a man whose life is a radiant beacon of hope, love, and unwavering faith.
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A woman who joined forces with her two children to ‘hug’ up her 75-year-old husband has been arrested by police operatives in Anambra State.
The suspect, Esther Obidigwe, was arrested alongside her two children, identified as Ozioma and Obuka, in Awba-Ofemili, Awka North local government area of the state.
The arrest followed a report from the victim, Mr Romanus Obidigwe, which he tabled at the Ministry of Women and Social Welfare.
Obidigwe, a retired senior civil servant, while narrating his ordeal at the Ministry, said: “My family has been mistreating me. In this particular incident, my daughter, Ozioma, sold my firewood without my consent and when I confronted her, she, her mother and brother p%unced on me, restrained me and caused inj¥ri£§.
It took the intervention of a neighbour before they stopped, after which they locked me out of my compound.
They have since stopped feeding me which I accepted in good faith, yet, they usually st€al from me, especially my first son. He even went to the extent of claiming my benefits at the Local Government Area I retired from.
Just for peace to reign, I submitted to my wife’s compulsory “no s+xual relationship” since the year 2000 till date.”
Responding to the allegations, the first son of the victim, Obuka, denied being present when the incident happened while his wife, Mrs Esther Obidigwe confessed to the crime.
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Intel (INTC) shares extended their losses Wednesday amid a stretch of bad news, as reported that recent tests of the chip giant's most advanced manufacturing process conducted by Broadcom (AVGO) failed.
Silicon wafers, which chips are printed on, reportedly were returned to Broadcom last month after they were run through Intel's 18A manufacturing process. A review by Broadcom engineers found that the process isn't ready to be used for high-volume production, said
Intel and Broadcom did not immediately respond to requests for comment.
While many chip stocks have surged amid artificial intelligence (AI) demand, Intel shares have lost about 60% of their value since the start of 2024.
Those struggles have accelerated over the last month, with a disappointing earnings report and the announcement that it would lay off about 15% of its employees as part of a larger cost-cutting plan. The earnings report sent shares 26% lower the day after it was released, to their lowest point in over a decade.
The earnings-related fall was followed by reports that concerns have emerged over the company's planned construction of two new facilities in Germany. On Tuesday, shares were driven lower by a report that executives are preparing to present plans to cut costs and sell assets amid the company's struggles, and concerns that Intel could potentially face removal from the Dow Jones Industrial Average (DJIA).
Intel shares were 2% lower at $19.67 early Wednesday afternoon.
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Prophet Jeremiah Fufeyin's Miracle Water Heals Woman with Severe Kidney Issues: Viral Video Sparks Nationwide Celebration
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*Watch Video*
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The Dow, S&P 500, and Nasdaq were little changed at midday Wednesday as chip stocks rebounded and a report showed job openings fell more than expected in July.
Dollar Tree (DLTR) was the worst-performing stock in the S&P 500 after the discount store chain missed sales estimates and cut its forecast as inflation drove its customers to pull back on spending.
Shares of Hormel Foods (HRL) shares also dropped after the maker of Spam and other foods reported lower-than-expected sales and it reduced its outlook on lower prices and factory disruptions.
Centene (CNC) shares slid as the health insurer projected the number of Medicaid recipients covered this year would be lower than it previously estimated.
Shares of GitLab (GTLB) took off after the software development provider reported better-than-expected results and lifted its guidance on soaring demand for artificial intelligence (AI) products.
Sweetgreen (SG) shares jumped after an upgrade from TD Cowen, which pointed to the advantages of the restaurant chain’s use of automated kitchens.
Oil futures fell and gold prices rose. The yield on the 10-year Treasury note fell. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded lower.
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