Pershing to Sell Entire Stake in J.C. Penney

According to a filing, J.C. Penney announced an offering to sell the common stock held by Bill Ackman’s Pershing Square Capital Management that account for over 39 million shares or about 18% of the company’s outstanding shares.

Ackman Slams J.C. Penney Board Colleagues in Open Letter

The Huffington Post reported that J.C. Penney board member and activist investor Bill Ackman, founder and CEO of Pershing Square Capital that owns about 18% of J.C. Penney, slammed his colleagues in an open letter.