September 7, 2017 / 3:13 PM / 10 months ago

Ackman tells ADP board that shareholders want them to work together

BOSTON, Sept 7 (Reuters) - Billionaire investor William Ackman on Thursday told Automatic Data Processing board members that large shareholders want the company and activist hedge fund to work together and that he too wants to end the current proxy fight. Two days after meeting the full board for the first time, Ackman on Thursday tried to cool the emotionally charged atmosphere at a time when his hedge fund is seeking three board seats but has been rejected by the company. In a short letter to the board he wrote that a “substantial number of shareholders ... would strongly prefer that the company embrace its significant potential for improvement and that we work together in the best interest of the company.” The letter was made public in a regulatory filing.

Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama

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