New York, Dec 23 (AP) Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday.

Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company's stock as of March 18, when reports of a potential transaction was reported by the media.

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Nordstrom's board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting.

Following the close of the transaction, the Nordstrom family will have a majority ownership stake in the company. (AP)

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)