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Komfie Manalo, Opalesque Asia:

Retailer J.C. Penney is attracting investors after activist hedge fund manager William Ackman pulled out from the firm as Glenview Capital became the largest shareholder in J.C. Penney even outstripping George Soros’ shares, various media reported.

A report by Valuewalk.com showed that Larry Robbins’ Glenview Capital raised its J.C. Penney stakes to 9.1% or equivalent to 20,060,830 shares of JCP, up from 8,431,879 shares that it held until the end of Q2. The numbers are larger that Soros Fund’s 19,986,361 shares of JCP as of end June 30.

But Soros remains the top shareholder at JCP as he owns 500,000 call options on the retail firm.

The report added that activist investor Richard Perry of Perry Capital bought an additional three million shares to raise his position at J.C. Penney to 8.6%. Perry is also pushing for a change in the retailers’ board.

In another report, The Journal said that Hayman Capital Management run by Kyle Bass, filed a 5.2% stake in JCP in its latest 13F filing totaling to about 11.4 million shares. With the fresh acquisitions of JCP shares, hedge funds now control more than 21% of the retailer’s stocks.

The ......................

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