Ackman To Dump $500M Penney Stake After Ugly Board Exit

Law360, New York (August 26, 2013, 6:32 PM EDT) -- Two weeks after an ugly departure from the board of J.C. Penney Co. Inc., hedge fund tycoon Bill Ackman moved Monday to shed his entire stake in the flagging retailer, worth more than $500 million at recent prices. 

Ackman's Pershing Square Capital Management LP filed documents to sell all 39 million shares he owns, or about 17.7 percent of the company. The shares haven't been publicly priced, but Dow Jones reported a range of $12.50 to $12.90 apiece, below J.C. Penney's $13.35 closing price on Monday....
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