J.C. Penney Co Inc (JCP.N) will allow investor William Ackman to raise his stake in the department store operator, easing a restriction put in place last October when it adopted a provision to stop him from taking over. Ackman's Pershing Square Capital Management, Penney's largest investor with 16.5 percent of the shares, is now allowed to own up to 26.1 percent of the retailer, according to a regulatory filing on Friday. Pershing Square disclosed last October that it took a stake in Penney at the same time Vornado Realty LP (VNO.N) took a 9.9 percent holding. Later that month, Penney adopted a poison pill provision that would go into effect if any shareholder buys 10 percent or more of the stock or if a shareholder with an already higher stake buys more shares.
J. C. Penney Company, Inc. (jcpenney) is a holding company. Shares of JCP traded higher by 2.35% or $0.56/share to $24.37. In the past year, the shares have traded as low as $19.42 and as high as $41.00. On average, 6273370 shares of JCP exchange hands on a given day and today's volume is recorded at 6772125.
Vornado Realty Trust (Vornado) is an integrated real estate investment trust (REIT). Shares of VNO fell by 1.81% or $-1.46/share to $79.33. In the past year, the shares have traded as low as $72.85 and as high as $98.77. On average, 1342170 shares of VNO exchange hands on a given day and today's volume is recorded at 777080.
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