Ackman To Sell His Fund's 39.1 Million Shares In J.C.Penney

wochit business
August 26, 2013 AT 1:11 PM
Hedge fund manager William Ackman, the single biggest shareholder in J.C. Penney , is selling his stake in the retailer. Ackman's $11 billion Pershing Square Capital Management is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal,