What Happened
Nordstrom, Inc. JWN spiked more than 5 percent Friday on a Reuters report that the Nordstrom family is finalizing a take-private offer. The transaction price is yet unknown.
The company formed a group to explore the opportunity back in June, prompting a 23-percent stock gain at the time with sympathy moves throughout the industry.
On Friday’s report, J C Penney Company Inc JCP, Macy’s Inc M and Kohl’s Corporation KSS popped more than 2.5 percent.
What's Next
Nordstrom’s news is neither unexpected nor unwelcome on the Street. Tigress Financial predicted in November a first-quarter development, and KeyBanc analysts said in September that the stock is a Buy whether or not the transaction goes through. KeyBanc anticipated a $60-per-share takeout price.
At time of publication, Nordstrom shares were trading up 5.2 percent at $52.88.
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