- In a new letter to the board of Automatic Data Processing (ADP +1.4%), Bill Ackman offers another olive branch, saying he wants to avoid a proxy fight and that shareholders want the two to work together moving forward.
- Along with an amended ownership statement noting Pershing Square (NYSE:SQ)'s 8.3% interest, Ackman tells the board "it is our strong preference that we end the proxy contest and come to a resolution on governance."
- He's urging an expansion of the board by three seats that would hold his nominees, eliminating a need for replacing existing directors.
- "We have met with a substantial number of shareholders over the past few weeks," Ackman writes. "They would strongly prefer that the company embrace its significant potential for improvement and that we work together in the best interest of the company and all of its stakeholders."
- Previously: New ADP proxy: Ackman offered settlement after his webcast (Aug. 28 2017)
- Previously: ADP board, Ackman to meet Sept. 5 amid bad blood (Aug. 24 2017)
- Now read: The Good Business Portfolio: 2017 2nd Quarter Earnings And Performance Review
Original article