ADP issued a statement letter to shareholders to disclose a meeting with Pershing Square.
ADP (NASDAQ:ADP) issued a statement letter to shareholders to disclose a meeting with Pershing Square.
As quoted in the press release:
In the meeting and in today’s letter, Pershing Square proposed to end its proxy contest if ADP were to agree to add Bill Ackman and both of Pershing Square’s other two nominees to the ADP Board, expanding it from 10 to 13 directors.
“ADP is always open to constructive input from our shareholders, and we thank Bill Ackman for presenting his ideas to the ADP Board. All 10 of our directors coordinated their schedules to meet with Mr. Ackman and four other Pershing Square employees at Mr. Ackman’s request and spent two hours together in an in-depth discussion about ADP’s business and his ideas. The Board subsequently convened an executive session, without Pershing Square or ADP management, to discuss Pershing Square’s views and its answers to the questions posed by the Board during the session. The Board had previously reviewed in detail Pershing Square’s August 17 investor presentation.”