Vornado Offers Remaining JC Penney Shares

Law360, New York (September 20, 2013, 2:48 PM EDT) -- Vornado Realty Trust Inc. has made good on its promise to exit its investment in retailer J.C. Penney Co. Inc., putting its 13.4 million remaining shares in the company up for sale through a Citigroup Inc. offering late Thursday.

The move, revealed in private marketing materials seen by The Wall Street Journal, comes a week after Vornado CEO and Board Chairman Steven Roth resigned from his post on J.C. Penney's board of directors, citing concerns about the company's financial struggles.

It's the latest major exit from...
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