Vornado offers remaining JCPenney shares

Steven Roth, Vornado chairman
Steven Roth, Vornado chairman

One week after Vornado Realty Trust chairman Steven Roth resigned from retailer JCPenney’s board of directors, the real estate investment trust has opted to sell the rest of its stake in the retailer.

Vornado and its affiliates will give up a 6.1 percent stake, or 13.4 million shares. The offer, announced yesterday, is for between $13.05 and $13.10 per share. The latest close of JCPenney puts the offering at $176 million. So far this year, the retailer’s profits are down 33 percent, according to the Wall Street Journal.

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Earlier this year, Vornado sold off about 40 percent of its 9.9 percent interest in JCPenney at a loss, leaving the REIT with its current 6.1 percent stake. [WSJ]Mark Maurer