By  on August 18, 2013

William Ackman of Pershing Square Capital Management is keeping his options open, but J.C. Penney Co. Inc. remains in the driver’s seat.

The two entered into a registration rights agreement on Aug. 13 setting forth the procedures for if and when Ackman elects to sell his shares in the company. That agreement was made public on Friday in a regulatory filing with the Securities and Exchange Commission.

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