Personal Finance

ADP rejects new board candidates, Ackman fires back

(Reuters) – Automatic Data Processing Inc (ADP.O) on Monday rejected billionaire investor William Ackman’s three proposed board candidates, sparking more criticism from the hedge fund manager who is trying to shake up the human resources outsourcing firm.

The latest salvos from both sides all-but-guarantee a proxy battle that could become one of the season’s bitterest.

Early on Monday, ADP said it would renominate its 10 current directors, rejecting the fund manager’s bid to get board seats for himself and two other…
Reuters: Money