Pete and Erik Nordstrom want to take their luxury department store chain private.
With financial support from their family and Mexican department store chain El Puerto de Liverpool, the family is offering $23 a share. The goal is to collectively own 50.1% of the company, according to a regulatory filing on Wednesday. Liverpool would hold the remaining shares.
According to the Seattle Times, the proposed deal is valued at nearly $3.8 billion. It includes cash and equity contributions from the Nordstroms and Liverpool, along with $250 million in new bank financing to buy out existing shareholders.
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