Penney, Ackman agree to share sales
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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- As smokers seek Cuban cigars, retailers point to trade embargo
- Real estate union: Howard Hanna buys Langholz Wilson Ellis
- Treasury turns profit as it exits GM bailout
- ExOne Co. moves solidify authority under CEO
- EPA says it won’t reguluate coal ash as hazardous waste
- Pennsylvania jobless rate drops to 5.1 percent
- Upscale Verano takes part in Buick’s success
- Americans support strict rules for drones in poll
- CR-V popular, fuel-efficient
- Western Pa. utility workers OK contract with FirstEnergy
- Some in Western Pa. affected by Staples data breach