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Ackman’s Pershing Square says it plans to nominate directors at ADP

August 5, 2017 BOSTON (Reuters) – Billionaire investor William Ackman on Friday said his Pershing Square Capital Management hedge fund plans to nominate directors to, but not try to control, the 10-person board at payroll services company Automatic Data Processing Inc . Ackman said he sees an opportunity to improve operating performance at the company through “transformational” change and cost cutting, and that he is willing to work with existing management or a new chief executive from outside the company to push for those changes. (Reporting by Svea Herbst-Bayliss; Editing…

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Ackman’s Pershing Square exits ailing investment in Valeant

March 13, 2017 BOSTON (Reuters) – Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc on Monday with a roughly $3 billion loss after he sold his entire stake in the ailing drug company after trying to rescue it for some 18 months. Ackman’s Pershing Square Capital Management became one of the firm’s biggest investors in 2015 when it sunk some $3.2 billion into the company. Now he walks away with about $221 million, having sold his entire stake of 18.1 million shares after months of turmoil that…

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