Ackman Seeks Control of ADP and Ouster of CEO

Bill Ackman

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 investor is also planning to push for margin improvements, but didn't mention plans for a major financial overhaul, they said.

"The Board has unanimously determined that it is not in the best interests of ADP or its other shareholders to accede to Pershing Square's last-minute request for an extension", the company said in a statement.

"ADP has a clearly defined Board nomination process, and the 2017 deadline for director nominations has been public for almost a year", the company sniffed in a statement.

Based on extensive research and due diligence, Pershing Square believes that there is an enormous opportunity to improve the operating performance of ADP by accelerating growth, improving the quality of ADP's software and service offerings, dramatically reducing operating costs, and increasing efficiency.

Teva to Cut 7000 Jobs After Disappointing Quarter Results
Inc. now owns 69,183 shares of the company's stock valued at $2,220,000 after buying an additional 295 shares during the period. Revenue also fell short of analysts' outlook by $300 million, coming in at $5.656 billion versus the expected $5.178 billion.

Shares in Chipotle, on which Pershing Square spent about $1.17 billion a year ago, are down more than 17 percent since the stake was disclosed. Friday's statement comes after Bloomberg first reported last week that Ackman had built a stake in the firm.

A spokesman for Pershing Square declined to comment on ADP's announcement. The company has a market value of $50 billion.

ADP also touted the leadership of Rodriguez, noting a 202 percent in total shareholder return during his six years of leadership.

Shares of ADP are up 2.9% at $115 in premarket trading Friday. He took his bet on drugmaker Valeant all the way to the bottom, more or less, holding on to Pershing Square's stake until March of this year, despite a 2015 price-spiking scandal that drove off other hedge funds.

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