JC Penney Adopts Poison Pill As Earnings Skid Continues

Law360, New York (August 22, 2013, 3:17 PM EDT) -- J.C. Penney Co. on Thursday took steps to protect itself from unwanted takeover bids after reporting losses for a sixth consecutive quarter, but the floundering retailer insisted its move is not a response to any threats to take over the company.

Still, the poison pill defense stoked speculation that wannabe suitors have been circling the Texas-based company, which over the past few years has struggled to recapture market share, turn profits and keep a leadership team in place. Activist investors have bought into the company in...
To view the full article, register now.