Thursday, July 26, 2007

Bill Ackman: Pershing Square against Ceridian Board

In an unusual step, Pershing Square said it plans to replace all seven Ceridian board members at the annual meeting scheduled for September 12. Activist hedge fund investors typically try to win one or two board seats to gain influence.

Pershing Square, Ceridian's largest stakeholder with 14.9 percent, said management is ready to sell itself too cheaply for $36 a share to buyout company Thomas H. Lee (THL.UL) and Fidelity National Financial Inc. because that deal will reward executives and board members with a $27 million payout.

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