Nordstrom Inc ( JWN ) shares are bouncing around Wednesday morning after the Nordstrom founding family made an offer to take the company private.

What Happened: Nordstrom has confirmed receipt of a proposal from Erik Nordstrom, Pete Nordstrom, other members of the Nordstrom family and El Puerto de Liverpool to acquire all outstanding shares they do not already own for $23 per share in cash.

Nordstrom’s board had formed a special committee of independent directors to evaluate any potential proposals in April, per Reuters. The special committee said it will review the proposal in consultation with independent financial and legal advisors to determine the best path forward for shareholders. 

The Nordstrom family group reportedly sent a non-binding letter to the special committee proposing a transaction that involves forming a new entity to buy the department store chain.

The news comes on the back of strong second-quarter earnings last week. The stock popped about 8% after the company beat bottom-line estimates and multiple analyst firms raised price targets. Nordstrom shares are up about 23.5% year-to-date.

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JWN Price Action: Nordstrom shares initially traded down near the $22 level when the go-private offer was announced before bouncing back. The stock was up 0.31% at $22.89 at the time of publication, per Benzinga Pro.