Bill Ackman's Pershing Square Gets Okay to Buy Up to 26.1% of JCPenney (JCP)
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In a 8-K filing from JCPenney (NYSE: JCP) Friday afternoon, the company has set a ceiling on the stake Bill Ackman's Pershing Square can take at 26.1 percent.
From the filing:
The Company acknowledges that the Stockholders intend to acquire a Synthetic Long Position such that, after effecting such Synthetic Long Position, the Stockholders would have, in aggregate, economic exposure (together with shares of Common Stock beneficially owned by the Stockholders) to the equivalent of up to 26.1% of the shares of Common Stock outstanding.
JCPenney has also permitted Ackman to be a JCPenney Board member.
As of July 1st, Pershing Square owned 18.16 percent of JCPenney, or about 38.7 million shares of common stock.
From the filing:
The Company acknowledges that the Stockholders intend to acquire a Synthetic Long Position such that, after effecting such Synthetic Long Position, the Stockholders would have, in aggregate, economic exposure (together with shares of Common Stock beneficially owned by the Stockholders) to the equivalent of up to 26.1% of the shares of Common Stock outstanding.
JCPenney has also permitted Ackman to be a JCPenney Board member.
As of July 1st, Pershing Square owned 18.16 percent of JCPenney, or about 38.7 million shares of common stock.
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