BOSTON Aug 26 (Reuters) - Hedge fund manager William Ackman, the single biggest shareholder in J.C. Penney, is selling his stake in the retailer.
Ackman's $11 billion Pershing Square Capital Management is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, a person familiar with the deal said. J.C. Penney also issued a regulatory filing.
The move comes two weeks after the 47-year-old billionaire left the retailer's board after a fight over top management's direction. Ackman built his stake in J.C. Penney three years ago and has lost hundreds of millions on the investment as an ambitious makeover of the store failed.