In the Margins

Ackman to ADP board: Let's work together

September 7, 2017

By Reuters

William Ackman told Automatic Data Processing board members on Thursday that large shareholders want the company and Ackman’s activist hedge fund to work together and that he too wants to end a current proxy fight. Ackman’s hedge fund Pershing Square Capital Management, which owns 8.3% of the company, sought three board seats and has proposed expanding the board from 10 members to 13. Ackman has been pushing ADP to streamline operations and last month made a more than three-hour public presentation outlining the kind of operational improvements he thinks will help boost the share price. Read the original story from Reuters.