Investor ups stake in Penney to become second largest investor

New York -- Hedge fund manager Richard Perry has upped his already substantial share in J.C. Penney Co. Perry’s Perry Capitol LLC now ranks as Penney's second-largest investor after George Soros.



It was disclosed on Friday that Perry bought an additional three million shares of Penney in a secondary offering for $12.90 a share, and that it now owns 8.62% of the company, up from its previous 7.3% stake.



The announcement comes four days after William Ackman, whose Pershing Square Capital Management had been the largest shareholder, said he was exiting his entire 18% stake.