(Reuters) – J.C. Penney Co Inc 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. Ackman has not said publicly what he plans to do with his shares but if he were to sell at current prices, he would lose more than $ 300 million. …
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