Deals
Bill Ackman Builds a Stake in Automatic Data Processing
- Pershing Square is said to already own shares, may buy more
- ADP reported earnings Thursday that missed expectations
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Billionaire investor Bill Ackman’s Pershing Square Capital Management has built a stake in business outsourcing company Automatic Data Processing Inc., according to people familiar with the matter.
Ackman has already bought shares in ADP and may acquire more through the new funds he filed documents for last week, the people said, asking not to be identified as the details aren’t public. Shares of the Roseland, New Jersey-based company rose as much as 13 percent to $120 Thursday, the biggest intraday move since 1987 to their highest-ever price.