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Bill Ackman has not made his move yet, but J.C.Penney is getting ready.

October 14, 2010 | About:
Bill Ackman has not made his move yet, but J.C.Penney is getting ready.

According to Reuters:


NEW YORK, Oct 13 (Reuters) - J.C. Penney Co Inc (NYSE:JCP) has hired investment bank Goldman Sachs Group Inc (NYSE:GS) to prepare for a potential fight with activist investor William Ackman, a source familiar with the situation said on Wednesday.

Ackman's Pershing Square Capital said last week it had taken a 16.5 percent stake in the department store chain. He is building an alliance with Vornado Realty Trust (NYSE:VNO), which on Friday disclosed it held 9.9 percent of Penney's shares.

Ackman, now the retailer's biggest investor, has already told the Plano, Texas-based company that he plans to look hard at its assets and financial condition.


Check out Bill Ackman's other stock holdings by click on his name.


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