What Happened
Nordstrom, Inc. (NYSE: 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 (NYSE: JCP), Macy’s Inc (NYSE: M) and Kohl’s Corporation (NYSE: 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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