Nordstrom Inc (NYSE:JWN) shares rose further in premarket trade on news that the company is moving towards going private.
The retailer saw its shares rise 5.66% in premarket trade at US$47.51.
Nordstrom family members own just over 30% of outstanding shares
Late Tuesday, it was reported that Nordstrom family members were close to selecting private-equity firm Leonard Green & Partners to help fund around US$1bn for a buyout.
At the close, Nordstrom had a market capitalisation of US$7.49bn.
The report said that the Nordstrom family is believed to be in talks with banks to secure up to US$8bn to finance the deal to take the retailer private.
Nordstrom family members own just over 30% of the outstanding shares.
Nordstrom is the latest retailer to wrestle with how best to use its physical stores https://t.co/qajvBfGwKc
— Wall Street Journal (@WSJ) 10 September 2017