Ackman to get $12.90 a share for J.C. Penney: WSJ

 

 

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By Michael Kitchen

LOS ANGELES (MarketWatch) -- Noted activist investor Bill Ackman's hedge fund has reached a deal to sell its entire stake in J.C. Penney Co. /quotes/zigman/237947/quotes/nls/jcp JCP -1.87% for $12.90 a share, The Wall Street Journal reported late Monday, citing an unnamed source familiar with the matter. Shares of J.C. Penney closed Monday trade at $13.35, a drop of 1.1%, and fell further in after-hours transactions to hit $13.12. Ackman's Pershing Square Capital Management LP originally paid about $25 per share for the stocks, most of which were bought in 2010 and 2011, the report said. The sale, which Pershing Square announced earlier in the day, was underwritten by Citigroup Inc. /quotes/zigman/5065548/quotes/nls/c C -0.02% , the report said.