🚀 Nordstrom to go private in $6.25B deal

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Nordstrom will go private in a $6.25 billion buyout by its founding family and Mexican retailer El Puerto de Liverpool, with shareholders receiving $24.25 per share in cash. The deal, unanimously approved by Nordstrom’s board, gives the family a 50.1% stake and Liverpool 49.9%, and is expected to close in the first half of 2025. Founded in 1901 as a shoe store, Nordstrom has evolved into a luxury department store chain but has faced challenges as consumers prioritize essential purchases. The move follows a failed privatization attempt in 2018 and signals a strategic shift amid shifting retail dynamics.

2. MicroStrategy’s stock has skyrocketed 477% this year, fueled by its aggressive Bitcoin buying strategy and a political climate more favorable to crypto under Trump’s administration. Founder Michael Saylor has led the company to amass 439,000 bitcoins worth $42 billion, positioning MicroStrategy as the fourth-largest holder of the digital asset. Despite failed attempts to convince companies like Microsoft to adopt similar strategies, Saylor remains bullish, calling Bitcoin the “cyber-Manhattan” of digital economies and predicting its value could hit $13 million by 2045. Critics argue his strategy is risky, likening it to a “Ponzi loop,” but Saylor insists it’s the foundation for a digital financial revolution.

3. Xerox will acquire Lexmark International for $1.5 billion, marking the return of the printer and software maker to U.S. ownership after being sold to Chinese investors in 2016. The deal aims to revitalize Xerox's declining revenue by increasing its scale and competitive edge against HP and Canon. The acquisition will expand Xerox’s global footprint, particularly in the Asia-Pacific region, and enhance its offerings in the growing A4 printer segment. Financing will involve cash, debt, and a reduced dividend, with the deal expected to close in late 2025.

4. Headlines

   1. Joe Biden announced he will commute the death sentences of 37 of the 40 US inmates currently sentenced to death. All their sentences have been changed to life without parole.

   2. Despite a second straight year of sales declining in the toy industry, Lego’s sales are up 13% in the first half of 2024.

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Onwards and Upwards,

Liam Gill