August 28, 2017 / 12:41 PM / a year ago

Pershing Square's Ackman made settlement offer to ADP - filing

BOSTON, Aug 28 (Reuters) - Billionaire investor William Ackman made a settlement proposal to Automatic Data Processing two weeks ago by suggesting that the board add his three nominees to avoid fighting an expensive and disruptive proxy battle, a new filing shows.

Ackman made the suggestion during an August 17 telephone call with ADP’s nominating/corporate governance committee, according to Monday’s revised proxy solicitation materials. One member said “they did not know but would think about the request,” the filing said. On August 21 the human resources software company said the board unanimously declined to nominate any of the directors Ackman’s Pershing Square Capital Management proposed.

Reporting by Svea Herbst-Bayliss

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