By  on August 27, 2013

William Ackman’s Pershing Square Capital Management lost at least $450 million on its investment in J.C. Penney Co. Inc. — and it could have been even higher.

Pershing Square said Tuesday that the sale of its 39 million shares of Penney’s has priced at $12.90 a share. The offering is expected to close on Friday.

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