Pershing Square Highlights Independent Research Survey Results on ADP
16 Outubro 2017 - 10:00AM
Business Wire
83% of ADP’s Current Long Shareholders Surveyed
Support Pershing Square’s Involvement in ADP
Pershing Square Capital Management, L.P. (“Pershing Square”)
today highlighted for investors the results of an independent
survey conducted by Sanford C. Bernstein & Co. (“Bernstein”)
about Pershing Square and ADP (NASDAQ: ADP). The findings were
published in an October 13, 2017 research report by Bernstein
equity analyst Lisa Ellis.
The survey polled 48 institutional shareholders, half of which
own ADP stock, to understand investors’ views about Pershing
Square’s ADP investment thesis. Notably, the survey found:
- 83% of ADP’s current long shareholders
support Pershing Square’s involvement in ADP.
- 71% of ADP’s current long shareholders
support Pershing Square’s nominees receiving one or more seats in
the upcoming election.
- 83% of ADP’s current long shareholders
find it “somewhat compelling” or “compelling” that ADP’s Employer
Services should achieve operating margins of 35% or greater.
- 88% of ADP’s current long shareholders
find it “somewhat compelling” or “compelling” that ADP’s Employer
Services revenue growth can be accelerated through operational
improvements and a best-in-class offering in ADP's Enterprise
business.
“We were pleased to see that many shareholders are embracing the
opportunity for improvement at ADP,” said Pershing Square CEO Bill
Ackman. “We look forward to continuing the discussion with all
shareholders about how The Nominees for ADP’s Transformation can
help ADP achieve its full potential.”
Pershing Square encourages shareholders to contact Bernstein
directly to receive the complete report.
Pershing Square published its most recent ADP presentation on
October 11, 2017. Shareholders can access that presentation here
and supporting materials here.
For additional information, visit our website:
www.ADPascending.com. Follow ADPascending on Facebook, Twitter and
YouTube.
To vote for Pershing Square’s Nominees for ADP’s Transformation,
please vote the GOLD Proxy Card or GOLD Voting Instruction
Form.
You can vote by Internet, telephone or by signing and dating the
GOLD Proxy Card or Voting Instruction Form and mailing it in the
postage paid envelope provided. We urge you NOT to vote using any
white proxy card or voting instruction form you receive from ADP.
Please discard the white proxy card.
If you have any questions about how to vote your shares, please
contact our proxy solicitor, D.F. King & Co., Inc., at (866)
342-1635.
About Pershing Square Capital Management, L.P.Pershing
Square Capital Management, L.P., based in New York City, is a
SEC-registered investment advisor to investment funds.
This press release relates to Pershing Square’s solicitation of
proxies in connection with the 2017 annual meeting of stockholders
of ADP.
The information contained in this press release (the
“Information”) is based on publicly available information about
Automatic Data Processing, Inc. (“ADP” or the “Company”), which has
not been independently verified by Pershing Square Capital
Management, L.P. (“Pershing Square”). Pershing Square recognizes
that there may be confidential or otherwise non-public information
in the possession of ADP or others that could lead ADP or others to
disagree with Pershing Square’s conclusions. This press release and
the Information is not a recommendation or solicitation to buy or
sell any securities.
The analyses provided may include certain forward-looking
statements, estimates and projections prepared with respect to,
among other things, general economic and market conditions, changes
in management, changes in board composition, actions of ADP and its
subsidiaries or competitors, the ability to implement business
strategies and plans and pursue business opportunities in the human
capital management industry. Such forward-looking statements,
estimates, and projections reflect various assumptions by Pershing
Square concerning anticipated results that are inherently subject
to significant uncertainties and contingencies and have been
included solely for illustrative purposes, including those risks
and uncertainties detailed in the continuous disclosure and other
filings of ADP with the Securities and Exchange Commission at
www.sec.gov. No representations, express or implied, are made as to
the accuracy or completeness of such forward-looking statements,
estimates or projections or with respect to any other materials
herein. Actual results may vary materially from the estimates and
projected results contained herein. The results of the Bernstein
survey described in this press release do not necessarily reflect
the projected results at the ADP annual meeting, and any
stockholder’s final voting decision will not be known until the
final results of the annual meeting are determined.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171016005455/en/
Media:Pershing SquareFran McGill,
212-909-2455McGill@persq.com
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