ADP says Pershing presentation contains nothing not already analyzed
ADP issued a statement in response to Pershing Square Capital Management's investor presentation today, which reads in part, "ADP is committed to engaging constructively with shareholders on important issues facing the company. However, we strongly disagree with many of the assertions made by Mr. Ackman in today's presentation, which betrays a fundamental lack of understanding of the current state of ADP's business and strategy. He presented nothing that has not previously been analyzed by the Board and management. ADP is not resting on its laurels. Our Board and management team are thoughtfully transforming our organization and culture to compete effectively and drive global growth in the evolving Human Capital Management market. We are confident that we have the right plan underway to ensure ADP's future success. We are accelerating investments in R&D to provide best-in-class cloud-based HCM solutions, migrating numerous customers to our strategic platforms, streamlining operations, rationalizing our footprint, and taking actions to improve client satisfaction and retention -- all while continuing to outperform for shareholders...The Board is always open to good ideas regardless of their source. We look forward to engaging substantively with investors about ways to build on our success and continue delivering sustainable value to ADP shareholders." ADP added that Morgan Stanley and Goldman Sachs are acting as financial advisors to the company.