ADP seeks to fend off Ackman's Pershing Square

ADP seeks to fend off Ackman's Pershing Square

ADP seeks to fend off Ackman's Pershing Square

If Ackman misses the nomination deadline, ADP's bylaws dictate that he would have to muster the support of 33 per cent of the company's shareholders to call for a special shareholder meeting, if he does not want to wait for next year's annual meeting.

The payroll company said it declined to extend the deadline. According to the company, Bill Ackman is seeking an extension to its nomination period for members of its Board of Directors. ADP's board includes 10 people.

New York-based Pershing Square typically buys large stakes in a handful of big companies and agitates executives and directors to make changes to boost shareholder returns.

Shares in Chipotle, on which Pershing Square spent about $1.17 billion past year, are down more than 17 percent since the stake was disclosed. Pershing Square was reportedly offered 11.10 to 11.40 each for shares that, at their late 2015 high, traded at 263.81.

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Prior to building Pershing's position in ADP, Ackman approached a number of his hedge fund investors to raise money earmarked only for the ADP bet through a special goal vehicle, sources familiar with the fundraising said. After spending the better part of two years trying to convince just about anyone his investment in Valeant was a good one, Ackman more recently referred to the effort at the controversial drugmaker as a "huge mistake". The company's market value was about $50 billion as of Thursday's close. Mr. Ackman told the company that he has an 8% stake in ADP, largely through derivatives.

ADP said in the six years that Carlos Rodriquez has been CEO, ADP's total shareholder return (TSR) has been 202%, while the S&P 500's SPX, -0.22% TSR has been 128% and Pershing's TSR has been 29%.

About Pershing Square Capital Management, L.P.

ADP stock was down slightly as of Friday morning, but is up 8% year-to-date.

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