(AP) J.C. Penney's biggest investor and former board member Bill Ackman has sold his nearly 18 percent stake to Citigroup for $12.60 per share, a discount to the stock's recent closing price.
The regulatory form filed late Wednesday confirms that Ackman, who owns Pershing Square Capital Management, lost about half of his investment since buying Penney's shares in 2010. Ackman paid on average about $25 per share.
Both Pershing Square and Penney said Monday that Ackman planned to sell all 39.1 million shares of the retailer that he owned. The move comes nearly two weeks 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 operator.
Shares fell more than 3 percent, or 41 cents, to close at $12.76 per share on Wednesday.