Aug. 27, 2013, 4:51 AM
- Bill Ackman's Pershing Square sold his 39.1M shares in J.C. Penney (JCP) to Citigroup (C), which is now offering them to the market at $12.90 each.
- The price is well below yesterday's close of $13.35 and is just over the half the amount of about $25 a share that Ackman's Pershing Square paid for the 18% holding in 2010 and 2011. The trades have cost the hedge fund hundreds of millions of dollars.
- It's unclear whether another activist investor, Vornado's Steven Roth, intends remain on the board or sell his firm's remaining stock in J.C. Penney.
Mar. 7, 2013, 5:46 AM
Dec. 7, 2011, 4:43 PMOne possible reason for the indifferent reaction in J.C. Penney (JCP +0.6%) shares to the retailer's new stake in Martha Stewart (MSO +33.3%): Kmart's (SHLD) similar deal with MSO a while back was a disaster. The spike in MSO is harder to explain, since the deal appears to end the "strategic alternatives" it was considering. Were there no good offers, or does Martha refuse to sell? | Comment!
Dec. 7, 2011, 8:00 AM
Dec. 7, 2011, 4:50 AM
Oct. 12, 2011, 8:36 AMLiz Clairborne (LIZ) jumps 22.4% premarket after announcing it's selling 4 clothing brands for proceeds of $328M. The company's Liz Clairborne and Monet brands will be sold to J.C. Penney (JCP), and its Dana Buchman brand will be sold to Kohl's (KSS). Liz Clairborne expects the moves to lower its earnings, but to also bring down its net debt to the $270M-$290M range. | Comment!
JCP vs. ETF Alternatives
JC Penney Co Inc sells merchandise and services to consumers through department stores and website at jcpenney.com. Its products include family apparel and footwear, accessories, fine and fashion jewelry, beauty products and home furnishings.
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