Key Takeaways
- Founding family members of Nordstrom reportedly are looking at taking the upscale retailer private.
- Sources told Reuters the family members have asked Morgan Stanley and Centerview Partners to investigate whether any private equity firms might want to buy the company.
- Family members previously looked into taking Nordstrom private, but their roughly $8.4 billion offer was rejected by the company’s board in March 2018.
Shares of Nordstrom Inc. (JWN) surged Tuesday on a report that the founding family of the upscale retailer was trying to take it private.
Reuters said people familiar with the matter indicated that the family has asked Morgan Stanley (MS) and Centerview Partners to look into whether any private equity firms would be interested in a potential deal.
The news organization noted that neither Nordstrom, Morgan Stanley, nor Clearview Partners immediately responded to requests for comment.
In June 2017, a group of family members, which included current Chief Executive Officer (CEO) Erik Nordstrom, made a similar effort. However, four months later the group advised the special committee of the board considering the plan that it had “suspended active exploration” of a sale for the rest of the year, and would continue its search after the holiday season. In March 2018, Nordstrom’s board rejected a roughly $8.4 billion bid by the founding family to take the company private.
Nordstrom shares were up 9.2% at $18.61 at around 2:45 p.m. ET Tuesday, after moving as high as $19.46 earlier in the session.