Last Friday, Richard Perry had bought additional shares in JC Penney Co Inc. The hedge fund manager had already owned a big stake in the company. This was according to a regulatory filing. Five days ago, Perry had announced selling his stake in the company.

Perry Corp. bought 3 million additional shares in Penney. This was during the company's second offering for USD12.90 a piece. After the added share purchase, Perry Corp. now owns 8.62% of JC Penney Co.

The acquisition of additional shares ranked Perry Corp. second largest investor in the retailer company, behind George Soros. Perry Corp did not respond to calls that requested for the company to comment regarding stake increase report.

The announcement for the acquisition of the additional shares came after William Ackman said he was to exit the retailer. Ackman's Pershing Square Capital Management would exit JC Penney and sell its entire 18% stake. The shares were offered in the secondary market with Citigroup Inc. as book running manager. The deal was expected to be completed on Friday according to an announcement by Ackman last Monday.