J.C. Penney Offers A ‘Poison Pill’ Rights Agreement, Citi Says Sell

J.C. Penney Company, Inc. (NYSE:JCP) announced a shareholder rights program yesterday that seeks to protect the company from a takeover attempt. A new report on the company, out of Citigroup Inc (NYSE:C), takes a look at the likely effect of the new scheme. Unfortunately for shareholders, the analyses don’t see many positives in the poison pill.

The analyst, Deborah L. Weinswig, maintained her price target of $11 on the company and rated it a Sell. On today’s market, shares in the company were flat, trading at $13.20 per...