Billionaire hedge-fund activist investor Bill Ackman has amassed a sizeable minority stake in payrolls processing company ADP.
But ADP is pushing back, touting its total shareholder return of 202% since Rodriguez took the helm and contrasting it to Pershing's return of 29%.
SV&C's George Sard, Liz Zale and Jared Levy represent ADP.
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.
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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.
The news comes about a week after Pershing Square announced it was taking a stake in the company. The investor is also planning to push for margin improvements, but didn't mention plans for a major financial overhaul, they said. From the beginning of the year through July 26, the day before Bloomberg News reported on Pershing Square's stake, the company's stock had risen about 3 percent, compared to about 9 percent for the Standard & Poor's 500 stock index.
About Pershing Square Capital Management, L.P.
Shares of ADP are up 2.5% at $114.50 in premarket trading Friday. The stock is up about 8.2 percent this year, valuing the company at $49.8 billion. At that meeting, we reiterated our request for an extension to the nominating deadline and discussed the potential additions of several independent directors and a Pershing Square representative to the Board.