Bill Ackman has sold his entire stake in J.C. Penney Company, Inc. (NYSE:JCP) to Citigroup Inc (NYSE:C) for $500 million according to a filing with the SEC today. The hedge fund manager announced on Monday that he had sold his entire stake in the company after a failed activist campaign at the retailer. Until this filing it was unclear how much Ackman had sold the stake for.
According to the filing, Ackman sold the shares to the bank at $12.60 per share. Ackman held 39,075,771 shares in the company, or close to...
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