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J.C. Penney, Ackman set terms whereby he can sell stake
New York -- J. C. Penney disclosed in a Securities and Exchange Commission filing on Friday that it entered into a Registration Rights Agreement with Bill Ackman’s Pershing Square and its affiliates that gives him an out to completely walk away from the company. Under the deal, Ackman can make up to four requests to Penney to register the sale of his restricted common stock.
"It is paving the way for (Pershing Square) to sell the stock if they choose to do so," Imperial Capital analyst Mary Ross Gilbert said in a Reuters report.