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NEW YORK — J.C. Penney and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in an orderly manner.
The agreement, filed Friday with the Securities and Exchange Commission, comes days after Ackman resigned from Penney’s board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store.
Ackman’s Pershing Square Capital Management has a 17.7 percent stake, or 39 million shares, in Penney.
Under the deal, Ackman can make up to four requests to the company to register the sale of his shares. Each request must be for at least 5 million shares, and the deal terminates when he owns less than 5 percent of the company’s stock.
