Is Nordstrom a takeover target?
Nordstrom added that the rights plan “also helps ensure that the board has sufficient time to make informed, deliberate decisions that are in the best interests of the company and all Nordstrom shareholders.
However, Nordstrom said Tuesday that the plan “has not been adopted in response to any specific takeover bid or other proposal to acquire control of the company, and is not intended to deter offers that are fair and otherwise in the best interests of all Nordstrom shareholders.” Here’s how the plan works: Nordstrom will issue, by means of a dividend, one common stock right for each outstanding share of Nordstrom common stock to shareholders of record on the close of business on Sept. 30. Initially, these rights will not be exercisable and will trade with, and be represented by, the shares of Nordstrom common stock.
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