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BRIEF-ADP says Pershing Square Capital Management seeking control of ADP
August 4, 2017 / 11:52 AM / 4 months ago

BRIEF-ADP says Pershing Square Capital Management seeking control of ADP

Aug 4 (Reuters) - Automatic Data Processing Inc

* ADP says Pershing Square Capital Management seeking control of ADP

* Says ‍informed by pershing that it wants five seats on 10-member board and CEO change​

* Says ‍board rejects pershing’s request to extend director nomination deadline​

* Automatic Data Processing Inc says “pershing first contacted adp on August 1, and William Ackman said it beneficially owns 8% of ADP, largely in derivatives”​

* Automatic Data Processing Inc - ‍Ackman said he planned to nominate five directors, including himself, to ADP’s 10-member board​

* Automatic Data Processing - ‍Ackman requested that adp extend august 10 deadline for nomination of directors by 30 to 45 days ​

* Automatic Data Processing - ‍Ackman requested that he planned to nominate five directors, including himself, to ADP’s 10-member board

* Says Ackman also said CEO Carlos Rodriguez should be replaced​

* Automatic Data Processing Inc - ‍Ackman requested that ADP extend August 10 deadline for nomination of directors by 30 to 45 days​

* Automatic Data Processing - co’s ‍board has unanimously determined that it is not in best interests of adp or its other shareholders to accede to pershing’s last-minute request for an extension Source text for Eikon: Further company coverage:

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