Tag Archives: Bill Ackman

J.C. Penney Amends and Extends “Poison Pill” Plan

JCPenney_2014_Classic

PLANO, Texas-J.C. Penney’s board has changed the stockholder rights plan adopted last August—commonly called a “poison pill” plan—by extending its expiration date from Aug. 20, 2014, to Jan. 26, 2017, and lowering the threshold for a person or group to acquire the company from 10 percent. Under the terms of the amended plan, if anyMore »

Cuban Joins the JCP Fun

Mark Cuban

Just when J.C. Penney’s shareholders thought that things would finally quiet down, word has come that Mark Cuban has bought 1 million shares of its common stock. For those of you not familiar with Mr. Cuban, he is a very rich guy who built a billion-dollar-plus fortune through software and the Internet. He currently ownsMore »

Ackman Jumps JCP Ship, Puts Shares Up for Sale

J.C. Penney

NEW YORK-Pershing Square Capital Management, the investment firm run by activist investor Bill Ackman, has put its shares of J.C. Penney stock up for sale. The shares, which number 39,075,771, constitute 17.7 percent of the retailer’s outstanding stock, the largest percentage held by any shareholder. The company is pricing them at $12.90 per share, andMore »

J.C. Penney Adopts “Poison Pill” Stockholder Rights Plan

J.C. Penney

PLANO, Texas-The J.C. Penney board of directors has adopted a stockholder rights plan generally referred to by the investment community as a “poison pill.” According to a filing with the U.S. Securities and Exchange Commission, the plan restricts any person or group from acquiring 10 percent or more of the retailer’s outstanding common stock, andMore »

Ackman Resigns from JCP Board

Bill Ackman

PLANO,Texas-Bill Ackman has resigned from J.C. Penney’s board of directors after conducting a widely public challenge to the board regarding the retailer’s leadership. J.C. Penney announced that Ronald Tysoe, former vice chairman of Federated Department Stores (now Macy’s Inc.) has been elected to the board, effective yesterday. The retailer also said another director will beMore »

JCP Board Fight Continues as Ackman Calls for New Chairman

Bill Ackman

PLANO, Texas-The struggle within J.C. Penney’s board of directors continued with Bill Ackman releasing a second letter to the board calling for the replacement of Thomas Engibous as chairman by Allen Questrom. The controversy is over the pace at which the board is searching for a CEO to succeed Myron “Mike” Ullman. In the secondMore »

JCP Board, Ackman in Fight Over CEO Search

JCP

PLANO, Texas-The search for a J.C. Penney CEO successor to Myron “Mike” Ullman has turned into a battle of words—which could lead to the possible return of Allen Questrom. Yesterday, activist investor Bill Ackman, whose investment firm, Pershing Square Capital Management, owns nearly 18 percent of the retailer’s outstanding shares, issued a letter to theMore »