The company declared Ackman’s investment earlier this month and said he was seeking to fire Chief Executive Officer Carlos Rodriguez and control the firm. The CEO later called the fund manager a “spoiled brat” on tv.
While Ackman will lay out his case for improving performance at ADP on a conference call on Thursday, he said on Wednesday that if management had been quiet he may have worked more collaboratively with the firm.
That includes his latest investment, a $4 billion bet on human resources software firm Automatic Data Processing Inc that Pershing Square previously owned between 2009 to 2011.
“Had they given us a week, I do not think we would be in a proxy contest,” Ackman said only days after proposing three individuals, including himself, as independent board directors.
Released at Wed, 16 Aug 2017 18:17:46 +0000
“Our big disappointment here is we were never able to make it as large a position as we would have liked,” Ackman said, adding that it finished up “about 30 percent versus our average price where we exited.”
Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama and Tom Brown
For years any word from Ackman about a new idea could send the provider’s stock racing. But after two years of double-digit losses, Ackman is looking for a win and has attempted to maintain some bets under wraps.