tinyfav.com
tinyfav.com October 22, 2017


Bill Ackman Pushing for Board Seats to Control ADP

05 August 2017, 12:32 | Melanie Burgess

Bill Ackman

Bill Ackman

If Ackman misses the nomination deadline, ADP's bylaws dictate that he would have to muster the support of 33 per cent of the company's shareholders to call for a special shareholder meeting, if he does not want to wait for next year's annual meeting. We also discussed the need for transformational change at the company and expressed a willingness to work with existing management or, alternatively, an external CEO candidate, to effectuate that change.

The Roseland, N.J., human-resources software company said its board unanimously rejected the "last-minute" request, as the deadline for board nominees has been public for almost a year. Ackman said he planned to nominate five directors, including himself, to ADP's 10-member Board.

"We believe our current board has an effective balance of leadership continuity and fresh perspectives" that will help continue delivering value to shareholders, the company said in a statement.

While ADP says it is "open" to discussions with shareholders, it is unimpressed with Ackman's demands. It also wants Carlos Rodriguez, who has been ADP's CEO for almost six years, out. Friday's statement comes after Bloomberg first reported last week that Ackman had built a stake in the firm.

Teen jumps out of plane onto tarmac at SFO
Officials say the teen was not injured but was transported to a local hospital for psychiatric evaluation. "The door's open. San Francisco Airport spokesman Doug Yakel said no other flights or runways were affected by the incident .

Jordan ranks LeBron behind Kobe
James has closed the gap, but three is still less than five, so perhaps it's no surprise that Jordan hasn't changed his mind. No. "There's something about five that beats three", Jordan said, while shrugging his shoulders.

US Vacates Russia Compounds Targeted Over Sanctions
The legislation will also limit the president's ability to lift the sanctions against Russian Federation on his own. It also froze two embassy compounds - a Moscow summer house and a storage facility in the city - from August 1.

Pershing Square has long admired ADP's business. Pershing Square was reportedly offered 11.10 to 11.40 each for shares that, at their late 2015 high, traded at 263.81.

ADP also couldn't resist taking a swipe at Pershing Square's recent weak performance.

Pershing Square Capital Management, L.P. ("Pershing Square") announced today that it has acquired an 8% stake in ADP (Nasdaq: ADP), making it Pershing Square's largest investment. He was an outspoken critic of the company, betting $US1 billion against it. Pershing Square now has around $10-billion in assets under management.



Other News

Trending Now

Pound falls as Bank holds rates and cuts forecasts
The Bank slashed its economic growth forecasts for 2017 to 1.7% from 1.9% and lowered next year's estimate to 1.6% from 1.7%. But a raft of weaker data - as well as deep uncertainty about the impact of Brexit - called that view into question.

Boston Red Sox acquire reliever Addison Reed for three prospects
Minor league pitchers Steve Nogosek , Gerson Bautista and Jamie Callahan are headed to the Mets in the deal. The Red Sox scouted Reed, Wilson, Pat Neshek and several other veteran relievers over the past few weeks.

Another voice: Drop the bluster on North Korea
If Trump doesn't act, it will be another sign to the North Koreans that they can do as they please with no consequences. China is North Korea's closest ally, but Beijing is angry with its continued nuclear and missile tests.

Sexual transmission of Zika virus reported in Florida
Rick Scotts direction, all county health departments offer free Zika risk assessment and testing to pregnant women. The only confirmed local cases all were associated with exposure to Zika previous year , CBS/AP reported.

Pentagon may turn Russian airline's 747s into Air Force One
News of the negotiations was reported earlier by the trade publication Defense One; it was confirmed Tuesday by the Air Force. Aeroflot absorbed most of Transaeros fleet following the bankruptcy but declined to accept Transaeros 747-8 orders.

Everything You Need To Know About The Bitcoin Fork
Also, it is not certain that the so-called user activated hard fork ( UAHF ) will happen, but it is very likely. It will only be successful if people decide en masse to create the blocks for the Bitcoin Cash blockchain .

Trump says he won't stop tweeting
The president's personal lawyers might want to tell him that's not how it works - and the president might want to listen. Trump has already come under criticism for steps he has taken to challenge and undercut the Russian Federation probe.

Kobach: The Immigration System Needs to Protect American Workers and Taxpayers
"This is probably our third or fourth visit to the Oval Office to work with President Trump ", Cotton told reporters. It's inspired by the systems now used in Canada and Australia, Perdue's office said .

Dean Unglert, 'Bachelorette' to Star in 'Bachelor In Paradise' 2017 Cast
The final episode of Rachel's season of " The Bachelorette " will be next Monday, right here on WGNO-TV. They ask why Lee even came on the show with an African-American bachelorette , and Lee can barely speak.

Vermont law already prohibits juvenile life without parole
Five years ago, the Supreme Court barred mandatory life-without-parole sentences for anyone younger than 18 convicted of murder. The change covers those who've served 20 years for their crimes, but weren't convicted of more that one homicide.