Nordstrom Soars 7.9% on Word Founding Family Aims to Take a Majority Stake

Shares spike on word the Nordstrom family wants to boost its holdings to above 50%.
By Tony Owusu ,

Shares of Nordstrom (JWN) - Get Report jumped nearly 8% Wednesday after The Wall Street Journal reported that the family that controls the retailer is looking to up its stake to more than 50%.

JWN shares leaped 7.9% to close at $33.11 after the Journal said a proposal being drafted would enable the Nordstrom family -- which currently owns about 34% of the chain -- to buy enough shares for a majority stake. 

The Nordstrom family has been pushing to take the company private for more than two years. The company last shelved the plan in March 2018 after the board ended those discussions with the family. 

The family had been aiming to buy out shareholders, but that plan was thwarted by a special committee of the board due to disagreements about an equitable price for the publicly held shares. 

Norstrom first went public in 1971. Year to date, the stock is down nearly 30%, and over the past 12 months it has declined nearly 40%. 

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