Tag Archives: Pershing Square Capital Management

J.C. Penney Amends and Extends “Poison Pill” Plan

JCPenney_2014_Classic

PLANO, Texas-J.C. Penney’s board has changed the stockholder rights plan adopted last August—commonly called a “poison pill” plan—by extending its expiration date from Aug. 20, 2014, to Jan. 26, 2017, and lowering the threshold for a person or group to acquire the company from 10 percent. Under the terms of the amended plan, if anyMore »

Last updated: January 29, 2014

Vornado Chairman Roth Resigns from JCP Board as Company Looks to Sell Stake

Steven Roth

NEW YORK-In another high-profile exit, Steven Roth, chairman of Vornado Realty Trust, has resigned from the J.C. Penney board of directors. In addition, Vornado said in a filing with the U.S. Securities and Exchange Commission that Joseph Macnow, its executive vice president-finance and chief administrative officer, said “at a recent conference” that Vornado expects toMore »

Last updated: September 16, 2013

Ackman Jumps JCP Ship, Puts Shares Up for Sale

J.C. Penney

NEW YORK-Pershing Square Capital Management, the investment firm run by activist investor Bill Ackman, has put its shares of J.C. Penney stock up for sale. The shares, which number 39,075,771, constitute 17.7 percent of the retailer’s outstanding stock, the largest percentage held by any shareholder. The company is pricing them at $12.90 per share, andMore »

Last updated: August 27, 2013

J.C. Penney Adopts “Poison Pill” Stockholder Rights Plan

J.C. Penney

PLANO, Texas-The J.C. Penney board of directors has adopted a stockholder rights plan generally referred to by the investment community as a “poison pill.” According to a filing with the U.S. Securities and Exchange Commission, the plan restricts any person or group from acquiring 10 percent or more of the retailer’s outstanding common stock, andMore »

Last updated: August 23, 2013

Ackman Resigns from JCP Board

Bill Ackman

PLANO,Texas-Bill Ackman has resigned from J.C. Penney’s board of directors after conducting a widely public challenge to the board regarding the retailer’s leadership. J.C. Penney announced that Ronald Tysoe, former vice chairman of Federated Department Stores (now Macy’s Inc.) has been elected to the board, effective yesterday. The retailer also said another director will beMore »

Last updated: August 13, 2013

JCP Board, Ackman in Fight Over CEO Search

JCP

PLANO, Texas-The search for a J.C. Penney CEO successor to Myron “Mike” Ullman has turned into a battle of words—which could lead to the possible return of Allen Questrom. Yesterday, activist investor Bill Ackman, whose investment firm, Pershing Square Capital Management, owns nearly 18 percent of the retailer’s outstanding shares, issued a letter to theMore »

Last updated: August 9, 2013