Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Billionaire investor Ackman to meet with ADP board on September 5

Published 08/24/2017, 12:32 PM
Updated 08/24/2017, 12:41 PM
© Reuters. William 'Bill' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City
ADP
-
SQ
-

(Reuters) - Activist investor William Ackman, who has been urging Automatic Data Processing Inc (O:ADP) to cut costs, will meet with the board of the U.S. human resources outsourcing firm next month, a regulatory filing showed on Thursday.

The planned Sept. 5 meeting might give Ackman and ADP a second chance to find common ground following the billionaire investor's call for changes to ADP's board, which the company has rejected.

Ackman, whose hedge fund Pershing Square (NYSE:SQ) Capital Management LP owns an 8.3 percent stake in ADP, has laid out what he sees as ADP's inefficiencies and said the company likely needed a new CEO.

© Reuters. William 'Bill' Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York City

Ackman has also said ADP's stock price could double in the next five years if the company cuts expenses, streamlines its business and invests in technology upgrades.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.