J.C. Penney Files for Sale of Ackman’s Entire Stake

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Aug. 26 (Bloomberg) -- J.C. Penney Co. filed a prospectus for the sale of activist investor Bill Ackman’s entire stake in the retailer. Julie Hyman reports on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Some breaking news.

Bill ackman out of jcp.

There is a filing here for his stay, 39 million shares stake.

This is his entire stake in jcpenney.

He is the largest shareholder.

He is not selling it now.

He is not saying he has sold it.

He is saying it will be sold.

To give your a little context, the stock is trading around her cane dollars.

$13.30, or so, and after hours trading.

That is after he disclosed he had acquired the stake initially back in october 2010. at that point, they were trading considerably above for they are here.

Of course, these guys don't tell us the price at which they acquired it.

It is not clear how long or at what price.

We could assume he is taking a loss on this sale.

If he is getting out of it, buying it in the $20, it has been a rough road.

Back in the envelope, that is $10 on $39 million.

If you back up from one month from when he disclosed that he had bought it, the stock was considerably lower than in the 20's. the loss could be much smaller.

We don't have an exact window.

To give a little bit of context, jcpenney has really struggled.

He had advocated for ron johnson to come over from apple.

Johnson made a series of

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change