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 (JCP) has hired investment bank Goldman Sachs Group Inc (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 (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.
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