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

Q&A: Quad Advisors’ Borish Is Looking For Real Traders, Not Index Huggers

Aug 20 2014 | 1:43pm ET

Peter Borish, who served as founding partner and director of research at Tudor Investment...

Lifestyle

Viking Manager In Rent Dispute

Aug 11 2014 | 4:14am ET

A hedge fund manager is demanding most of his money back from his former landlord...

Guest Contributor

Majority Of Inflows Go To Brand Name Hedge Funds

Aug 12 2014 | 9:00am ET

Since the market correction of 2008, a vast majority of hedge fund net asset flows...

 

Editor's Note

 

Futures Magazine

PREVIEW July/August 2014 Cover

Inside Futures' 500th Issue

The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.

The Alpha Pages

TAP July/August 2014 Cover

Real talk on alternative investments, business & finance

The Alpha Pages Editor's Note