Monday, 21 August, 2017

Ackman Seeks Control of ADP and Ouster of CEO

Hedge fund billionaire Bill Ackman is trying to shake up the management of his latest target Bill Ackman builds 8% stake in ADP
Kelvin Reese | 05 August, 2017, 00:35

Pershing Square took a 9.9% stake in Chipotle a year ago.

ADP ( ADP ) on Friday said, in its response to communications from Pershing Square Capital Management, that ADP board has rejected Pershing's request to extend director nomination deadline.

Ackman's pursuit of ADP, which has a market value of about $50-billion, comes as the 51-year-old hedge fund veteran is seeking to score a big win following disappointing investments in debt-laden drugmaker Valeant Pharmaceuticals International Inc and norovirus-stricken restaurant chain Chipotle Mexican Grill Inc.

A representative for Pershing Square declined to comment. We also discussed the need for transformational change at the company and expressed a willingness to work with existing management or, alternatively, an external CEO candidate, to effectuate that change. Ackman didn't provide names of his other potential nominees, other than his own, the sources said.

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For more information on Cornhusker city celebrations to attend prior to the eclipse, visit neclipse17.com . Most of the Hotels and motels in the path of the umbra have been booked for months, if not years.

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"Rodriguez has very broad-based investor support and has factually delivered very compelling returns for shareholders so Pershing Square faces an uphill battle in this case", said Bernstein Research analyst Lisa Ellis.

"ADP appears to be strongly pushing back against Pershing Square's Bill Ackman, unlikely to accede to any corporate governance or financial/operational demands", Wells Fargo & Co. analyst Richard Eskelsen wrote in a note to clients. "Since Carlos Rodriguez became CEO almost six years ago, ADP's total shareholder return of 202% is well in excess of the S&P 500 TSR of 128% - and is many multiples of Pershing's TSR of 29%", the release said.

Pershing Square is said to have acquired an 8 percent stake in ADP through derivatives, which are not subject to the same disclosure requirements as stock. Pershing Square now has around $10-billion in assets under management. The last time Ackman invested in ADP he agitated for changes including spinning off non-core assets and rationalizing the balance sheet.

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