New York -- Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.
Ackman's Pershing Square Capital Management, Penney’s single biggest shareholder with an approximate 18% stake, is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, Reuters reported. Penney filed a prospectus for the sale.
The move comes two weeks after Ackman resigned from Penney’s board after a fight with his fellow directors. Ackman wanted to replace interim CEO Myron Ullman sooner rather than later. He also called for the chairman to be replaced.