Bill Ackman’s Pershing Square Capital Management LP sold his J.C. Penney Co. stake for $504 million, about half of what he paid for it, marking an end to more than two years of failed efforts to revamp the retailer.

Citigroup Inc. managed the underwritten offering of the 39.1 million shares of the Plano, Texas-based department-store chain at a price of $12.90 apiece, New York-based Pershing Square said in a statement today. That’s 3.4 percent less than yesterday’s closing price of $13.35.

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