Ackman’s J.C. Penney Sale Ends Failed Saga to Agitate for Change
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Activist investor Bill Ackman is selling his entire stake in J.C. Penney Co. after a public spat with the company’s board, marking an end to more than two years of failed efforts to agitate for changes at the retailer.
Pershing Square Capital Management LP, Ackman’s hedge fund, said yesterday it hired Citigroup Inc. to underwrite the sale of its 39.1 million shares in the retailer, after reaching an agreement earlier this month to unload its stake. The department-store chain filed a prospectus for the shares that account for about 18 percent of its stock and make Pershing its largest investor.