Plano-based J.C. Penney announced Tuesday that it has altered its poison pill plan, lowering its threshold to 4.9 percent from 10 percent and extending the plan until Jan. 26, 2017, according to The Wall Street Journal.
The plan, which is in place to defend the company against potential activist investors and preserve a tax benefit, was initially set to expire this August. Under its new provisions, investors will now be required to receive board approval to purchase more than 4.9 percent of the company’s shares.
