Bill Ackman Bought 152 Million ADP Shares Too Few

He really thought he was gonna win this time.

When Bill Ackman announced his doomed, slapdash and arguably ill-advised proxy battle against ADP, we didn’t know quite how large a stake in the company he’d built up in his effort to get himself and two other names he picked out of a hat elected to its board. Now, we do: Ack owned just under 9 million shares at the end of September, which amounts to 169 million fewer shares than were voted in favor of his opponent, Eric Fast.


Bill Ackman's Pershing Square Capital Management increased its stake in Automatic Data Processing Inc. to 8.8 million shares at the end of September from 179,394 three months earlier as part of Ackman's failed proxy battle.

The record date for said proxy battle was Sept. 8, so it seems unlikely Ackman has added to his stake since then—although he certainly should have.

Bill Ackman’s Pershing Square Increases Its Stake In ADP [ via Nasdaq]