Shares of Nordstrom Inc. (NYSE: JWN) saw a handy gain on Thursday after it was announced that members of the Nordstrom family may be looking to take this company private. Reportedly, company Co-Presidents Blake W. Nordstrom, Peter E. Nordstrom and Erik B. Nordstrom, President of Stores James F. Nordstrom, Chairman Emeritus Bruce A. Nordstrom and Anne E. Gittinger have formed a group to explore the possibility of pursuing a “going private transaction” involving the acquisition by the group of 100% of the outstanding shares of common stock of the company.
As of yet there has not been a proposal made for this transaction.
In a release to the public, the department store detailed:
No assurances can be given regarding the terms and details of any transaction, that any proposal will be made by the Group, that any proposal made by the Group regarding a proposed transaction will be accepted by the Special Committee, that definitive documentation relating to any such transaction will be executed, or that a transaction will be consummated in accordance with that documentation, if at all.
In the most recent settlement period, Nordstrom reported 28.18 million shares short, compared with the previous period that had 28.43 million. Following the announcement that the company might go private, we can expect this number might fall off.
Excluding Thursday’s move, the stock is down over 15% year to date. However, in the past 52 weeks the stock is relatively flat.
Shares of Nordstrom were trading up 16% at $47.00 on Thursday, with a consensus analyst price target of $47.35 and a 52-week range of $35.01 to $62.82.
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.