By  on January 28, 2014

J.C. Penney Co. Inc. said its board has amended and extended its stockholder rights plan to preserve its tax flexibility.

The amendments approved by the Penney’s board include lowering the beneficial ownership threshold for any person or group to qualify as an “acquiring person” to 4.9 percent from 10 percent and extending the plan’s expiration date to Jan. 26, 2017, from its current termination date of Aug. 20.

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