By  on April 26, 2010

William Ackman’s Pershing Square Capital Management will sell its stake in Sears Canada Inc. to Sears Holdings Corp. for almost $560 million.

The companies said Friday that Pershing Square had agreed to off-load all its roughly 18.7 million shares of Sears Canada common stock, representing about 17.3 percent of shares outstanding, for 30 Canadian dollars a share. The purchase price totals about $556.6 million at current exchange.

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