 |
Sard Verbinnen & Co. is handling news that Nordstrom family members have put on hold plans to purchase the 70 percent stake of the department-store chain that they do not already own. The go-private bid is now on hiatus until after the Christmas season.
A special committee of independent Nordstrom directors advised by Centerview Partners and Sidley Austin says it stands ready to review any potential offer by the family.
The Nordstrom family led by company co-presidents Peter, Blake and Erik proposed in June a $10B go-private scheme, which would have included a financial infusion from Leonard Green Partners private equity firm.
The Wall Street Journal reported that the proposed transaction hit choppy waters as the takeover group had trouble raising debt at manageable rates.
The retail sector also took a major hit with the recent Chapter 11 filing of Toys R Us and weak sales performances at department stores Macy’s and JCPenney.
Nordstrom’s second-quarter ended July 29 revenues dropped 3.8 percent to $3.8B on a 0.6 dip in net to $110M.
Sard Verbinnen & Co.’s Meghan Gavigan and Patick Scanlan rep Nordstrom’s special committee.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
