TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

J.C. Penney adopts 'poison pill' strategy

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Friday, Aug. 23, 2013, 12:01 a.m.
 

Struggling retailer J.C. Penney is adopting a plan to prevent a takeover attempt just two days after reporting its sixth straight quarter of big losses and steep revenue declines.

It's the second time in recent years that the company has put into place a so-called “poison pill” plan. In October 2010, J.C. Penney enacted the defense when activist investor William Ackman of Pershing Square and Vornado Square Management, chaired by Steve Roth, snapped up large stakes. The company eventually put both men on its board; Ackman resigned last week, capping a public feud with other directors. Roth is still on the board.

J.C. Penney said there is no current attempt to take over the company.

Under the plan, if an individual or entity acquires 10 percent or more of the company's outstanding stock, existing shareholders would be allowed to buy more shares at a very low price.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Large-scale batteries are integral in shift to renewable energy
  2. Plastics, tech sectors crucial to cracker plants
  3. Energy Spotlight: Steve Anthos
  4. Open enrollment puts varied impact of health care law back in focus
  5. Without pipelines, gas can’t get to demand
  6. Universal theme park swings into Beijing
  7. ‘Foodies’ get fill in Western Pa. as groceries hire chefs to offer tips
  8. Neiman Marcus sells fantasy
  9. Mortgage in reach despite few dings
  10. PNC posts higher 3Q profit despite lower revenue
  11. Student loan debt presents paradox
Subscribe today! Click here for our subscription offers.