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J.C. Penney Says Ackman Has Rights to Request Sale of Some Stock

J.C. Penney Co. (JCP) said it entered into an agreement with Bill Ackman under which its largest investor may make as many as four requests to the company to register for the sale of some of his stake.

The rights granted to Ackman under the Aug. 13 agreement end when he and his funds own less than 5 percent of the retailer’s stock, according to a regulatory filing today.

Ackman, who agreed this week to leave the company’s board, holds an almost 18 percent stake in the company.

To contact the reporter on this story: Paul Jarvis in London at pjarvis@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net

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