Simon Property Group

The ultra-fast fashion giant’s latest acquisition of Missguided and a partnership with Forever 21 will grant it access to new customers and distribution channels.

As the gap widens between the best-performing companies and the rest, M&A activity will increase as leaders manoeuvre to take market share, unlock new opportunities and expand capabilities.

The company's shares, which closed up nearly 30 percent after drugmaker Pfizer Inc revealed progress in its experimental COVID-19 vaccine, were down about 6 percent after the closing bell.

If the deal falls apart, J.C. Penney would be on course for liquidation.

The two companies were in talks before the pandemic about converting retail space that was formerly occupied by J.C. Penney and Sears Holdings Corp.