J.C. Penney adopts poison pill
Plano, Texas J.C. Penney said Monday that it has adopted a shareholder rights plan, or so-called poison pill, in light of "recent rapid accumulations of a significant percentage of the company's outstanding common stock." The plan has a term of one year. The rights have a 10% trigger.
The news follows the announcement that activist investor Bill Ackman's Pershing Square Capital Management and real estate firm Vornado Realty Trust recently disclosed a 16.5% and 9.9% stake each in the retailer.