Nordstrom says it has ended buyout talks with family members of the company’s founder, saying that it couldn’t get the group to raise its price.
Earlier this month, the department store operator rejected an offer from the Nordstrom family members to pay $50 in cash for each share in a deal that would have taken the company private.
The family members include co-presidents Blake, Peter and Erik Nordstrom, who are descendants of John W. Nordstrom. Together, they have a stake of about 30 percent in the company, according to FactSet.
Taking the company private would have paved the way for the Seattle-based chain to manage its reinvention without the watch of the public markets.
Shares of Nordstrom, which closed at $49.35 Tuesday, fell nearly 3 percent in extended trading.
