Pershing Square and Vornado take combined 26.7% stake in J.C. Penney

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The New York hedge-fund company, Pershing Square Capital Management LP, has taken control of 16.8% of JC Penny stock; while Vornado, a real estate investment trust, acquired 9.9%. Led by co-investment manager, William Ackman, Pershing Square announced its purchase on Friday, making it the largest shareholder of the department store conglomerate…Read More