Ackman Fought Uphill Battle Against ADP Says Ellis

The transcript covers a discussion on Bill Ackman's proxy battle with ADP, focusing on the challenges and strategies involved. It highlights shareholder support, transparency issues, and market competition. The conversation also touches on future outlooks, including tax reform benefits for ADP.

What was one of the main reasons Pershing's team faced difficulties in winning the proxy vote?

• Ackman's lack of experience

• Lack of investor interest

• The late entry into the proxy contest

• ADP's recent financial losses

What was a key area of interest for investors regarding Pershing's ideas?

• Increasing executive salaries

• Margin expansion strategies

• Expanding into new markets

• Reducing employee benefits

What was one of the main complaints about ADP's management?

• Lack of transparency about margins

• High employee turnover

• Excessive marketing expenses

• Poor customer service

What did Carlos Rodriguez emphasize in his statement?

• Cutting down on research and development

• Increasing product prices

• Improving strategic engagement with investors

• Reducing company size

Which segment is considered a weak spot for ADP?

• Retail sector

• Small business segment

• Enterprise segment

• International markets

How did some large investors feel about Ackman's proxy fight?

• They were indifferent to the outcome

• They were supportive and encouraged it

• They were angry and found it unnecessary

• They were unaware of the proxy fight

What is one reason investors are encouraged to stay long on ADP?

• Potential for a new CEO

• Recent acquisition of a competitor

• Benefits from tax reform

• Upcoming product launches