Activist Investor Scores Big Endorsements in Fight Against ADP
Earlier this month, I wrote about activist investor Bill Ackman's proxy fight against Automatic Data Processing (NASDAQ: ADP). In August, Ackman's hedge fund, Pershing Square, proposed three executives for nomination to the ADP board, including himself, but ADP quickly rejected them, instead putting its incumbent 10 directors up for renomination. The election is taking place now, and if you're a shareholder, you can cast your vote before Nov. 7.
"Adding Mr. Ackman's nominees would not be an improvement," ADP Chairman John Jones stated. "Unlike Mr. Ackman's nominees, ADP's directors have a deep understanding and appreciation of the current state of ADP's business and its clients."
That's a very polite and highly corporatized version of trash talking.
Source: Fool.com
Automatic Data Processing Inc Stock
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At the moment Automatic Data Processing Inc has reached the predicted target price of 253 €, with a current price of 251.95 €.
