10 Things ADP Management Wants You to Know About This Billionaire Activist
Recently, I summarized activist investor Bill Ackman's proposed changes for Automatic Data Processing (NASDAQ: ADP), the largest company in payroll services. Ackman, who announced an 8.3% stake in the company, believes ADP is in need of transformational change that the current management is incapable of delivering.
Both management and the board rejected Ackman's conclusions, as well as his three proposed directors for nomination.
In the interest of fairness, I went through ADP's responses, which fall into two categories: challenging Ackman's understanding of the numbers and challenging Ackman's tactics.
Source: Fool.com