Tags: Hedge | Fund | Manager | Ackman | Bets | JC Penney

Hedge Fund Manager Ackman Bets Big on JC Penney

Friday, 08 Oct 2010 10:21 AM

Activist hedge fund manager William Ackman, who has been known for big bets on retailers and real estate, Friday said his fund has taken a 16.5 percent stake in retailer JC Penney.

Unveiling one of his biggest investments in months, Ackman's New York-based firm Pershing Square Capital Management said it now owns roughly 39 million shares of common stock in the Plano, Texas-based retailer.

The firm also entered into over-the-counter derivatives contracts know as total return swaps which are linked to the performance of an additional 602,600 common shares.

Pershing Square invests roughly $7 billion and ranks as one of the industry's biggest and most prominent activist fund firms. Only last year, Ackman lost a bitter proxy fight with retailer Target, which had been his biggest single investment ever.

Pershing Square expects to speak with management, the board and other stockholders about JC Penney's business, assets, and financial conditions, it said in a regulatory filing.

JC Penney shares climbed 3.38 percent to $32.79 in early trading in New York, having surged 16 percent since the beginning of October.

JC Penney could not immediately be reached for comment.

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
FinanceNews
Activist hedge fund manager William Ackman, who has been known for big bets on retailers and real estate, Friday said his fund has taken a 16.5 percent stake in retailer JC Penney. Unveiling one of his biggest investments in months, Ackman's New York-based firm Pershing...
Hedge,Fund,Manager,Ackman,Bets,JC Penney
187
2010-21-08
Friday, 08 Oct 2010 10:21 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved