Ackman Sells About $125 Mln Worth Of Stake In ADP
Billionaire investor William Ackman sold about $125 million worth of his holdings in Automatic Data Processing Inc. (ADP).
Pershing Square Capital Management, the activist fund run by Ackman, sold 5 million shares and options in the company, or about 14 percent of its overall ADP holdings. The sale reduces the New York hedge fund’s stake in ADP to about 7.2 percent from 8.3 percent previously.
Ackman has said the average cost of his investment in Roseland, New Jersey-based ADP, which remains Pershing’s largest holding, was about $105 a share. The company’s shares closed Tuesday at $117.39 each.
Ackman disclosed his initial stake in ADP in August and launched a proxy fight for three seats on the board, including one for himself. The billionaire investor argued the company was underperforming and needed to improve its margins and its offerings to customers. Ultimately, shareholders rejected Pershing Square’s candidates in November.
by RTT Staff Writer
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