Based on extensive research and due diligence, Pershing Square believes that there is an enormous opportunity to improve the operating performance of ADP by accelerating growth, improving the quality of ADP's software and service offerings, dramatically reducing operating costs, and increasing efficiency.
ADP said Friday that Ackman's Pershing Square Capital Management informed the company that it wants Ackman nominated to the 10-member board, along with four others, and it wants to push back the August 10 deadline for nominating directors.
Ackman met with Rodriguez on Thursday and asked to postpone the nomination deadline but was told no, two sources told CNBC.
Pershing Square declined to comment. We also discussed the need for transformational change at the company and expressed a willingness to work with existing management or, alternatively, an external CEO candidate, to effectuate that change.
Ackman had previously invested in ADP from 2009 to 2011. Pershing Square's investor return from 2012 through a year ago, according to ADP, was about 29 percent.
The company added that since Rodriguez became CEO almost six years ago, ADP's total shareholder return of 202% is well in excess of the S&P 500 TSR of 128% - and is many multiples of Pershing's TSR of 29%.
Pershing Square is said to have acquired an 8 percent stake in ADP through derivatives, which are not subject to the same disclosure requirements as stock.
The Roseland, N.J., human-resources software company said its board unanimously rejected the "last-minute" request, as the deadline for board nominees has been public for almost a year.
There have been successes too: Last year, Pershing Square exited a long-time investment in Canadian Pacific Railway Ltd. that made about $2.6 billion, and in July it sold part of its stake in fast-food chain holding company Restaurant Brands International Inc. after shares in the owner of Burger King and Tim Hortons rose 39 percent over the previous year.
Bill Ackman's re-kindled lust for paycheck processor ADP is now out in the open.
The stadium will be packed Friday for the opening of the world championships - and not only to catch a glimpse of Usain Bolt . Van Niekerk obliterated Johnson's longstanding 400m world record with a run of 43.03 seconds previous year in Rio.
Authorities say two people are unaccounted for after an explosion and partial building collapse at a grade school in Minneapolis . The school says Berg worked there for 17 years. "That's the stairwell that connects the entire school to everything".
Acquiring the two undelivered 747s would allow this timetable to be accelerated, said the person familiar with the discussions. The Defense Department then began a study to find ways to lower the cost of new presidential transport planes.
Japan's Chief Cabinet Secretary Yoshihide Suga said that "the role that China can play" in the standoff was "extremely important". Haley released a statement denying that the US was seeking to form an emergency session at the U.N.
Make sure you have the right equipment to view and protect your eyes for this historic event taking place August 21. The eclipse will be visible across the continental United States and is the first of its kind since 1979.
Barrie is right on track with the national trend, at 4.1 per cent, which is up from 3.6 per cent over the past 15 years. Nova Scotia logged the highest proportion of children aged 0 to 14 living with a single parent at 26 per cent.
Despite that, health officials have notified mosquito control and say they are conducting "mosquito reduction activities". Officials want to warn the public to take precautions if you or your partner traveled to an area where Zika is active.
Pence implied the US will continue applying intense pressure on North Korea, until it forfeits its nuclear and missile programs. China is the North's biggest trade partner and food and fuel aid source.
MJ Still Ranks Kobe Over LeBron, You Agree?
Bryant won his five championships with the Los Angeles Lakers - a three-peat (2000-2002) and a back-to-back. In case you need a refresher, Jordan won six championships as a member of the Chicago Bulls.
Jury: Couple who defamed Texas wedding photog must pay $1M
When the verdict was read I felt a little bit relieved, but most importantly I feel my reputation was restored to myself. The NBC5 story and interview with the couple aired January 2015, at the start of Polito's primary booking season.
A fork in the road for Bitcoin leads to two separate currencies
You may have heard that Bitcoin is relatively anonymous since people are identified by cryptographic addresses, not their names. But others will not. " Coinbase would not keep the bitcoin cash associated with customer bitcoin (BTC) balances for ourselves".
India manufacturing PMI slows to 47.9 in July
For China's macro-economic policy makers, the pressure of supporting growth is gradually lessening, according to CITIC Securities. High-tech and equipment manufacturing led the expansion in July, with their sub-indexes higher than the overall sector's PMI.