Economy

ADP is slipping after winning its proxy battle against Bill Ackman (ADP)

ADP is slipping after winning its proxy battle against Bill Ackman (ADP)”

ADP shares were down by less than 1% in premarket trading on Tuesday.

Ackman, whose hedge fund disclosed an 8% stake in the $49 billion company in August, said the company's margins were "vastly below" what they could be. "There is no better evidence of our commitment to our shareholders than our 43-year track record of increasing dividends", said John Jones, chairman of ADP's board of directors.

The bitter fight between billionaire activist investor Bill Ackman and American payroll giant ADP has come to a head after investors voted against Mr Ackman's plan to shake-up the board. Shortly afterward, Pershing Square claimed that ADP had overstated its stock returns, numbers the firm had been using as a defense against Ackman's activist campaign. Fast's 178M. Pershing Square suggests if ADP had used a universal proxy card, Ackman would be on the board. The defeat was so decisive that ADP CEO Carlos Rodriguez called it an "ass-whipping" for Ackman. In the misfired email, Rodriguez doubted Ackman's expressed willingness to work with the current management team, finding it implausible.

"I would like to thank our shareholders for the vote of confidence in our Board and management team, as well as our talented associates for their hard work and relentless focus over the last several months".



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