NEW YORK — J.C. Penney’s biggest investor is selling his entire stake in the struggling company for about $504.4 million, $470 million less than what he paid for it.

The move comes two weeks after William Ackman resigned from J.C. Penney Co.’s board as part of a deal to resolve an unusually public battle between the activist investor and the retailer.

Pershing Square Capital Management’s Ackman disclosed in a regulatory filing late Monday that he was going to sell his nearly 18 percent interest — or 39.1 million shares.

On Tuesday, Ackman said that the shares will be priced at $12.90 each, about 3 percent below Monday’s $13.35 closing price.

The news sent J.C. Penney shares up 47 cents, or 3.5 percent, to $13.82 in midday trading Tuesday.

Ackman acquired the J.C. Penney shares in 2010. He paid about $25 per share, Pershing said Tuesday.

J.C. Penney’s shares have lost nearly 70 percent of their value since early February 2012.


Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.