The founding family of Nordstrom Inc. experienced their second setback in trying to take the company private yesterday, when a special committee of the board rejected their roughly $8 billion buyout offer as too low, the Wall Street Journal reported. The buyout group, which includes private-equity firm Leonard Green & Partners, offered $50 a share, a price below the company’s latest closing price. As part of the deal, the group would also buy 21 percent of the family’s current stake, allowing the heirs to cash out about $550 million of their ownership in the retail chain. The family’s shares are mostly held by Bruce Nordstrom, a grandson of the founder and a former CEO, and his sister Anne Gittinger. The group also includes Bruce’s sons, Blake, Peter and Erik, who hold the title of co-president, and James Nordstrom, their cousin, who is president of stores. Together, the six family members own about one-third of the company’s stock.
