VIDEO: J.C. Penney, Ackman set terms for future share sales

J.C. Penney Company has entered into an agreement with former board member and largest shareholder Bill Ackman that paves the way for him to completely walk away from the company. Ackman, whose firm Pershing Square Capital Management owns about 18 percent of J.C. Penney, resigned from the board earlier this week after two years of campaigning to transform the struggling department store operator.

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