NEW YORK • J.C. Penney Co. and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in the company.
The agreement, filed with the Securities and Exchange Commission Friday, comes days after Ackman resigned from Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store.
Ackman’s Pershing Square Capital Management has 17.7 percent stake in Penney.
Under the deal,...
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