Nordstrom rejects $8.4B Buyout Deal, says it's too low

A rejected takeover bid that valued Nordstrom at about $8.4 billion is pitting the department-store chain's board against its top executives.

After the company's founding family put together an offer of about $50 a share in cash, Nordstrom's independent directors spurned the deal on Monday, saying the price was too low. The board members, who formed a special committee to evaluate a possible transaction, warned the would-be buyers to quickly increase their offer or move on.

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