Why Nordstrom, Inc. Stock Popped Today
Shares of Nordstrom, Inc. (NYSE: JWN) were gaining today after the department store chain took another step closer to going private. According to CNBC, the company was close to a deal with private equity firm Leonard Green, which would provide about $1 billion in equity to the founding Nordstrom family to help fund a takeover.
The family owns about 31% of the company today. The stock was up 6% as of 11:43 a.m. EDT on the news.
Image source: Nordstrom.
Source: Fool.com