Daily News

View All News

Advisory firm backs investor in ADP proxy battle (TheStreet)

October 23, 2017

TheStreet reported billionaire activist Bill Ackman got a major boost for his proxy war at Automatic Data Processing Inc. (NASD: ADP) this morning after Glass Lewis, one of two major investor advisory firms, recommended that investors back his minority-slate of dissident director candidates seeking election to the payroll company's board. After acquiring a stake in the company earlier this year, Ackman said he wanted ADP to become more efficient, slim down its real estate holdings and cut what he calls a bloated bureaucracy.