Last week’s report that activist investor Ryan Cohen was taking a large stake in Nordstrom Inc. sent the retailer’s stock rocketing.
Last week’s report that activist investor Ryan Cohen is taking a large stake in Nordstrom Inc. sent the company’s stock rocketing, sparking talk that the retailer could join the list of so-called meme stocks.
Citing people familiar with the matter, the Wall Street Journal reported that Cohen was amassing a sizable stake in the upscale department-store chain and was also seeking changes to the company’s board. Cohen was said to be targeting former Bed Bath & Beyond Inc. BBBY CEO Mark Tritton, who has served as a Nordstrom JWN director since April 2020 and is the chair of the board’s compensation committee, the paper reported.
In September Nordstrom adopted a shareholder-rights plan, or “poison pill,” that will remain in effect for one year. “The Rights 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,” the company said in a statement at the time.
On Friday, a Nordstrom spokeswoman told The Wall Street Journal that the company was open to hearing from Cohen and other investors. “We will continue to take actions that we believe are in the best interests of the company and our shareholders,” she said.
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