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Vornado Sells Remaining JC Penney Stock

Friday September 20th, 2013 - 10:23AM

Vornado Realty Trust has sold its remaining 13.4 million J.C. Penney Co. shares to Citigroup, according to the Wall Street Journal. As previously reported, Steven Roth, Vornado Realty Trust chairman and chief executive resigned from the board of the department store chain on Sept. 13.

"It’s unclear what Citi paid— the bank bought the entire block and is re-offering it to investors in its role as underwriter of the deal— but Penney’s latest close would value the offering at $176 million," according to the Wall Street Journal, adding that CitiGroup is offering the shares for $13.05 to $13.10 a share.

J.C. Penney Co. rose $.04 or .3% this morning, to $13.18.