Nordstrom surges as family explores option of going private

Nordstrom shares surged on Thursday as it said the founding family of the department store chain is exploring a deal to take it private.

The company said a group of family members including co-presidents Blake W., Peter E. and Erik B. Nordstrom, have joined together to explore the possibility of pursuing a "going private transaction", although no proposal has been made. Nordstrom's board of directors has formed a special committee comprised of the independent directors to act on behalf of the company in connection with this exploration by the family and any possible transaction.

Nordstrom stressed that no assurances can be given regarding the terms and details of any transaction, that any proposal will be made by the group, or that any proposal made regarding a transaction will be accepted by the special committee.

The special committee has retained Centerview Partners to serve as its financial advisor and Sidley Austin to serve as its legal counsel.

At 1500 BST, Nordstrom shares were up 14% to $46.02.