Bill Ackman Pushing for Board Seats to Control ADP

Hedge fund billionaire Bill Ackman is trying to shake up the management of his latest target

Ackman had reportedly also asked for the head of ADP's chief executive officer, a demand that had also been rejected. However, ADP added that it doesn't want to push back the deadline. 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.

In its own statement on Friday morning, ADP 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 embattled activist investor is seeking to install five dissident director candidates onto ADP's 10-person board and he's seeking a seat for himself.

Reps for Pershing Square declined to comment.

Pershing Square took a 9.9% stake in Chipotle past year. Friday's statement comes after Bloomberg first reported last week that Ackman had built a stake in the firm.

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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 said that during Rodriguez' six-year tenure, ADP has yielded a total shareholder return (TSR) of 202 per cent, well in excess of the S&P 500 TSR of 128 per cent and many times over Pershing's TSR of 29 per cent.

Ackman first contacted ADP on August 1 and said his firm owned 8 percent of the company's shares, largely in derivatives, according to the statement.

About Pershing Square Capital Management, L.P.

ADP shares rose about 2% initially but have turned down 0.1% to 111.63 in the stock market today. The stock is up about 8.2 percent this year, valuing the company at $49.8 billion.

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