Proxy Advisory Firm ISS Recommends ADP Shareholders Elect Pershing Square’s Bill Ackman to ADP’s Board
25 Outubro 2017 - 7:40PM
Business Wire
Pershing Square Capital Management, L.P. (“Pershing Square”),
announced today that Institutional Shareholder Services (“ISS”), a
leading proxy advisory firm, recommends that ADP (NASDAQ:ADP)
shareholders elect Pershing Square’s Bill Ackman at ADP’s annual
meeting on November 7, 2017.
In recommending Bill Ackman, ISS notes:
“Dissident nominee Ackman would bring a strong understanding of
the company, with the resources and analytical ability that his
firm has demonstrated while digging deeply into ADP's business,
asking valid questions, presenting detailed data, and proposing
solutions. His real estate background could also be helpful at this
point in the company's life cycle, given ADP's ongoing initiatives
to rationalize its footprint.”
“Given their prior board and professional experience, dissident
nominees Hagen and Unruh also appear to be credible candidates who
would be effective at driving change at the board level.”
“[T]he company's lack of direct public response to two key
issues raised by the dissident - how it will reverse market share
loss among large customers and why its EBIT margin trails Paychex's
so widely - suggests that having a significant shareholder on the
board could help ensure that the company is addressing those
challenges and responding to them with sufficient urgency.”
Bill Ackman said, “We are pleased that ISS recognizes the
serious issues and significant opportunities for improvement at ADP
and recommends shareholders support my election to the Board.”
To vote for Pershing Square’s Nominees for ADP’s Transformation
and ensure that Bill Ackman is elected to the board, shareholders
should vote the GOLD Proxy Card or GOLD Voting Instruction
Form.
THE ONLY WAY TO VOTE FOR BILL
ACKMAN IS TO VOTE ON THE GOLD PROXY CARD OR 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.
For additional information, visit our website:
www.ADPascending.com. Follow ADPascending on Facebook, Twitter and
YouTube.
Pershing Square has neither sought nor obtained consent from any
third party (including ISS) to use previously published
information in this press release.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171025006445/en/
Media :Pershing SquareFran McGill, 212 909
2455McGill@persq.com
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