By  on August 26, 2013

William Ackman’s throwing in the towel at J.C. Penney Co. Inc.

The lightning rod activist investor arranged on Monday to sell his 39.1 million shares of Penney’s in a stock offering being underwritten by Citigroup — beginning the process that will end his dramatic three-year run as a central figure at the struggling company. The stake represents 17.7 percent of Penney’s stock.

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