JC Penney Sets Framework For Ackman's 17.7% Stake Sale

Law360, New York (August 19, 2013, 3:00 PM EDT) -- Texas-based J.C. Penney Co. Inc. struck a deal with its biggest shareholder, activist investor Bill Ackman, that provides a clear path to sell off his stake, the company said late Friday, days after a well-publicized dustup between the two ended with Ackman's resignation from the company's board.

The agreement, outlined in a filing made with the U.S. Securities and Exchange Commission, signals an end to a long-running relationship between Ackman's New York-based hedge fund, Pershing Square Capital Management LP, and the sputtering retailer the activist has...
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