Breaking News from CNBC's John Melloy: Shareholder Trying to Dump Giant JC Penney Stake -- Sources
Following is breaking news from CNBC's John Melloy. Here is a link to the article on CNBC.com: http://www.cnbc.com/id/100520097. All references must be sourced to CNBC.
CNBC.com | Monday, 4 Mar 2013
A 10 million share block in troubled retailer JCPenney was being shopped Monday by Deutsche Bank's trading desk, multiple sources confirmed.
The asking price of the block was for a range between $16.40 and $16.60, one source confirmed, valuing the stake between $164 million and $166 million.
There are nine holders with that many shares, according to the latest filings. Bill Ackman's Pershing Square, Vornado Realty Trust and Dodge & Cox are the biggest holders in the stock, each owning more than 20 million shares.
JCPenney shares are down 16 percent this year alone after the company reported a 28 percent slide in fourth quarter sales.
This most recent sales speedbump has tried the patience of many holders waiting for a turnaround from CEO Ron Johnson, who joined the firm from Apple in June 2011.
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