J.C. Penney shareholder plan cuts Vornado, Pershing Square influence

10/18/2010 | Wall Street Journal, The

J.C. Penney's board of directors has adopted a shareholder rights plan with a poison-pill option, effectively diluting the influence of such investors as Vornado Realty and William Ackman's Pershing Square Capital Management. The companies recently reported stakes in the retailer of 9.9% and 16.5%, respectively.

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