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Bill Ackman Pushing for Board Seats to Control ADP
05 August 2017, 12:35 | Gordon Grant
Ackman had reportedly also asked for the head of ADP's chief executive officer, a demand that had also been rejected. The company also said that the deadline has been publicly known for nearly a year.
In its statement, ADP said that its total return to shareholders under Mr. Rodriguez amounted to 202 percent, assuming investors held onto their shares of the CDK Global division that was spun off three years ago and reinvested the dividends from both companies. In a statement, ADP chastised Mr. Ackman for seeking a delay in its director-nomination deadline. ADP's board includes 10 people.
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. "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.
According to reports, Ackman's Pershing Square Capital had already built up an 8% stake in his target via derivatives.
This isn't the first time Ackman has owned a stake in ADP.
In trading Friday, shares of ADP were up 88 cents, or 0.8 percent, to $112.65.
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. 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.
ADP stock was down slightly as of Friday morning, but is up 8% year-to-date.
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