1. ADP Rejects Ackman's Nominees, Proxy Fight Appears Inevitable

    ADP Rejects Ackman's Nominees, Proxy Fight Appears Inevitable

    Automatic Data Processing Inc. ( ADP ) has officially rejected activist investor Bill Ackman's nominees for its board, opting instead to push for the reelection of all 10 of its existing board members...

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    1. We have determined that adding Mr. Ackman's nominees would not be an improvement. Unlike Mr. Ackman's nominees, ADP's directors have a deep understanding and appreciation of the current state of ADP's business and its clients.
    2. The fact that the Board believes that the company's largest owner with an 8.3% stake does not deserve even one Board seat speaks to their insularity and lack of shareholder perspective.
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