Nordstrom, Inc. (NYSE:JWN) shares were buoyed on Tuesday by reports that the US department store chain’s founding family is planning another attempt to take the company private, six years after a similar attempt failed.
According to an exclusive Reuters report citing people familiar with the matter, Nordstrom has asked investment banks Morgan Stanley (NYSE:MS) and Centerview Partners to engage with private equity firms to see if they are interested in a potential deal.
There is no certainty an agreement will be reached, the sources told the publication.
Nordstrom, Morgan Stanley (NYSE:MS), and Centerview Partners did not immediately respond to a request for comment on the development.
In 2017, Nordstrom formed a special committee to consider a proposal from the Nordstrom family to take the company private and explored a deal with private equity firms, including Leonard Green.
The special committee rejected an $8.4 billion deal in 2018 deeming it “inadequate.”
CEO Erik Nordstrom and the Nordstrom family own an approximately 30% stake in the retailer.
Shares of Nordstrom added 11.3% to $19 on Tuesday morning, bringing the company’s market capitalization to about $3.1 billion.