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J.C. Penney amends shareholder rights plan
Plano, Texas – J.C. Penney Co. is amending its stockholder rights plan as part of move to protect its ability to use certain funds that can be used for tax benefits.
Penney said its shareholder rights plan can now be put into effect if an individual or group acquires 4.9% or more of its outstanding stock, down from its previous 10%.