J.C. Penney Announces Plan To Thwart Takeovers

J.C. Penney Company, Inc. (NYSE:JCP) is instituting a new plan to block takeover bids for the next year. The plan, which was revealed in a statement released earlier today, will trigger if a single shareholder, or group of shareholders, owns more than 10 percent of the company. According to the company, the plan will not be triggered by the stake of current shareholder Bill Ackman.

The struggling retailer has been the target of many large investments from big players. Today’s shareholder rights plan is not, according to Bloomberg, in response to any specific effort to...