Glenview Joins Hayman, Perry In Penney's Buy

Sep 4 2013 | 12:24pm ET

Another hedge fund has taken advantage of Pershing Square Capital Management's exit from J.C. Penney Co., becoming one of the struggling retailer's largest shareholders.

Glenview has bought nearly 12 million more Penney's shares, it said in a regulatory filing, bringing its stake up to 9.1%. The hedge fund's hoard of 20.1 million shares is in line with the 20 million owned by Soros Fund Management and 19 million owned by Perry Capital. Hayman Capital Management also announced a large stake in Penney's, of 5.2%.

Pershing Square sold its entire 18% stake in Penney's late last month, after founder William Ackman resigned from the retailer's board amidst a dispute with his fellow directors. Pershing Square lost some $500 million on the deal.

Unlike Perry, Glenview is unlikely to take up Ackman's cause—the quick removal of both Penney's interim CEO and chairman. The hedge fund has said it supports CEO Myron Ullman.

In any event, none of Penney's large number of remaining hedge fund holders will be able to match Ackman's firepower: The company recently adopted a poison pill to prevent any shareholder from taking more than a 10% stake.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note