WASHINGTON (dpa-AFX) - Hedge-fund manager Bill Ackman's Pershing Square Capital Management, L.P., on behalf of its investment funds, on Monday announced the underwritten offering of about 39.1 million shares of J.C. Penney Co., Inc. (JCP) common stock owned by them.
J.C. Penney will not receive any proceeds from the sale of the shares by the selling stockholders in the offering.
The offering will be made under J.C. Penney's registration statement on Form S-3 filed with the Securities and Exchange Commission.
Citigroup is acting as sole bookrunning manager and underwriter for the offering.
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