Bill Ackman, J.C. Penney’s biggest investor and a former board member, is through with the retailer, selling his entire 18 percent stake to Citigroup and taking a more than $400 million bath.
In a regulatory filing Wednesday, Ackman disclosed that he sold 39.1 million shares to the bank for $12.60 per share, or $492.3 million. That’s nearly half of the average $25 a share that he paid when he first invested in Penney in 2010.
Penney and Ackman’s hedge fund, Pershing Square Capital Management, said Monday that Ackman planned to sell all of his Penney holdings and named Citigroup as the underwriter. Until the latest filing, it wasn’t made public what Citigroup Inc. had paid before reoffering the shares on the market for $12.90 each. Full story for BostonGlobe.com subscribers.