Nordstrom's board gives thumbs down to bid from founding family

In a statement, Nordstrom, Inc. said that a special committee of its board would reject an offer to take the company private from a group of Nordstrom family members that would value the company at roughly $8.4 billion, based on $50 per share. The board considers the offer "inadequate." The Nordstrom family has been working on various buyout plans since June of last year without success.