1. Ackman Targets Retail Investors in ADP Proxy Contest

    Ackman Targets Retail Investors in ADP Proxy Contest

    (Repeats Sept. 20 story for wider distribution.) By Svea Herbst-Bayliss BOSTON, Sept 20 (Reuters) - Billionaire hedge fund manager William Ackman, whose firm owns an 8.3 percent stake in Automatic Data Processing Inc, is turning up the heat in his proxy war for the human resources outsourcing company by targeting an often-ignored but influential group of people - retail investors...

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    1. ADP's Board is concerned that Pershing Square's extreme, swing-for-the-fences proposals and unqualified nominees would disrupt client services and damage relationships, putting ADP – and the value of shareholders' investments – at significant risk.
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