Bill Ackman Reacts to Losing Bid for ADP Board Seats

The transcript discusses a campaign involving Canadian Pacific and ADP, focusing on shareholder influence and proxy contests. It highlights the differences between the two campaigns, the voting outcomes, and the impact on ADP's stock price and management strategies. The discussion also covers future plans, engagement with ADP management, and investment strategies.

What was a key difference between the Canadian Pacific and ADP campaigns?

• ADP had underperformed its direct competitors.

• Canadian Pacific had a strong market performance.

• Canadian Pacific was a tech company.

• ADP was a new company in the market.

What percentage of shareholder support did the activist receive in the ADP campaign?

• 45%

• 31%

• 50%

• 60%

Which firm provided full support to the activist's campaign?

• Vanguard

• BlackRock

• Glass Lewis

• ISS

What was the market reaction when the company characterized the results of the proxy contest?

• The stock price remained stable.

• The stock price went down.

• The stock price went up.

• The stock price was unaffected.

What did ADP commit to after winning the proxy contest?

• Acquiring a competitor

• Increasing dividends

• Launching a new product

• Reducing employee count

What was a major theme that shareholders wanted ADP to address?

• Reducing environmental impact

• Expansion into new markets

• Improving profit margins

• Increasing employee benefits

What is the activist's primary goal in engaging with ADP?

• Reducing company size

• Changing company name

• Increasing stock price

• Winning board seats

What is the activist's plan regarding their stake in ADP?

• Increase stake significantly

• Maintain a large stake

• Sell all shares

• Reduce stake gradually

What type of new investment is the activist considering?

• A European company

• A tech startup

• A passive investment

• A real estate venture

What is the activist's approach to future engagement with ADP?

• Complete disengagement

• Frequent calls to management

• Passive observation

• Occasional meetings with the board