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Pershing Square confirms liquidation of stake in J. C. Penney

Pershing Square entered into a transaction to sell an aggregate of 39,075,771 shares of common stock pursuant to a registration statement maintained by J.C. Penney. In connection with the sale, Pershing Square, on behalf of certain of its investment funds, has executed the Underwriting Agreement, dated August 26, among J.C. Penney, the Pershing Square Funds, and Citigroup Global Markets, providing for the public offering of 39,075,771 shares of common stock, which Pershing has been advised by the company will be filed as an exhibit to its Current Report on Form 8-K, which is expected to be filed on or around August 30. The transaction is expected to close on August 30.