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Penney, Ackman agree to share sales

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Saturday, Aug. 17, 2013, 12:01 a.m.

J.C. Penney Co. and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in the company.

The agreement was filed with the Securities and Exchange Commission on Friday. Ackman recently resigned from Penney's board as part of a deal to resolve an unusually public battle between him and the struggling department store.

Ackman's Pershing Square Capital Management has a 17.7 percent stake in Penney.

Under the deal, Ackman can make up to four requests to the company to register the sale of his shares. The agreement will terminate when he owns less than 5 percent of the company's stock.

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