Three Things Bill Ackman Wants to See Happen at ADP

Bill Ackman

Pershing earlier informed ADP that it is seeking effective control of the company through five Board seats at ADP's 2017 Annual Meeting as well as a CEO change. 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". In a statement, ADP chastised Mr. Ackman for seeking a delay in its director-nomination deadline.

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 intends to file a Schedule 13D on Monday, August 7, 2017.

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 objective vehicle, sources familiar with the fundraising said.

Mr. Ackman is no stranger to ADP, having invested in it from 2009 to 2011.

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ADP also couldn't resist taking a swipe at Pershing Square's recent weak performance. It also wants Carlos Rodriguez, who has been ADP's CEO for almost six years, out.

Shares in ADP rose almost 2.8 percent in premarket trading on Friday, to $114.85. With ADP's market value touching $50 billion, that makes Pershing Square's stake worth about $4 billion - by far his biggest single holding, according to data compiled by Bloomberg.

On Friday morning, ADP's announcement of Ackman's desire barely registered with investors.

ADP said Ackman has told the company he owns an 8 per cent stake, largely accumulated through derivatives that relieve him from a regulatory requirement to publicly report his stake once its crosses a 5 per cent threshold.

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