Davis Polk advised Citigroup Global Markets Inc. as the underwriter in an SEC-registered block trade of 39,075,771 shares of common stock, par value 50¢ per share, of J.C. Penney Company, Inc., sold by investment funds managed by Pershing Square Capital Management, L.P. The net proceeds from the offering totaled approximately $492.4 million.

J.C. Penney Company, Inc. is one of the US's largest apparel and home furnishing retailers, selling family apparel and footwear, accessories, fine and fashion jewelry, beauty products and home furnishings. 

The Davis Polk corporate team included partner Richard D. Truesdell Jr., associates Ryan Mitteness and Cherie H. Yang, and law clerks Julia Danforth, Ferrell Maguire, Zain Ur Rehman and Kyle Raymond Smit. Counsel Gregory T. Hannibal provided tax advice. The environmental team included counsel Loyti Cheng and associate Amy E. Turner. Karla A. Rivera Fortis was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.