Hedge fund manager William Ackman, the largest shareholder in J.C.
Penney Co Inc., on Monday sold his entire stake in the retailer.
Ackman's Pershing Square Capital Management sold 39.1 million shares, or
18 percent of the company, to Citigroup Inc (C.N), which is now
offering the shares to other investors.
Pershing Squarevsaid in a statement Citi's offering of Penney
common stock was priced to the public at $12.90 per share and was
expected to close on August 30.
Ackman stepped down from Penney's board two weeks ago amid because of a disagreement with the Penney board
over strategy.
He first built his stake in Penney in 2010 and
recruited Ron Johnson, Apple Store's former chief, to join Penney as CEO
to reinvent the department store chain. After Johnson's moves failed,
including a shift away from couponing, he was forced out in April. The
new CEO Myron Ullman, a former CEO, has had public disagreements with
Ackman.
