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     1185  0 Kommentare ADP Comments on Letter From Pershing Square and Previous Meeting With ADP Board

    ROSELAND, NJ--(Marketwired - Sep 7, 2017) - ADP (NASDAQ: ADP) today issued the following statement about a letter disclosed today by Pershing Square Capital Management and a meeting held September 5 with Pershing Square by ADP's full Board of Directors. 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."

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    "After considering all of this input, the Board remains confident that ADP has the right corporate strategy in place and the right expertise on the Board to continue to transform its technology, streamline operations, and enhance its competitive advantages at an aggressive yet responsible pace, all of which will extend ADP's strong track record of value creation for clients and shareholders. In contrast, the Board believes Pershing Square's approach presents very significant risks to ADP's clients and shareholders."

    "As previously announced, after a thorough review of Pershing Square's nominees, including conducting individual interviews with each candidate, the Nominating/Corporate Governance Committee had determined that none of the nominees would bring additive skills or experience to the ADP Board. Nothing in Mr. Ackman's presentation on September 5 caused the Board to change its view. The Board believes these nominees do not have the experience to appropriately evaluate or manage the risk associated with the pace of change Pershing Square has proposed. Therefore, we will not add their nominees to the Board."

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    ADP Comments on Letter From Pershing Square and Previous Meeting With ADP Board ROSELAND, NJ--(Marketwired - Sep 7, 2017) - ADP (NASDAQ: ADP) today issued the following statement about a letter disclosed today by Pershing Square Capital Management and a meeting held September 5 with Pershing Square by ADP's full Board of …