Traverse City Record-Eagle

Business

August 27, 2013

J.C. Penney’s largest investor, ex-board member selling his stake

(Continued)

Ackman’s Pershing Square Capital Management invests in and bets against a wide range of businesses, including McDonald’s Corp., insurance company MBIA Inc. and Canadian Pacific Railway Ltd. But Ackman has been particularly vocal about his dealings with Penney lately as the department store struggles to turn around its business. In the letter to investors last week, Ackman it was “difficult to determine” how long a sales recovery might take. However, at the time, Ackman did not hint further on what he planned to do with Pershing’s stake in the retailer.

Ackman initially purchased a stake in J.C. Penney in 2010.

According to the prospectus, filed late Monday, Penney will not receive any proceeds from the sale of the shares.

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