Deals
Ackman Exits Positions in United Techologies and ADP
- Pershing Square sold ADP stake after 50% return on investment
- Investor exits United Technologies over dispute about Raytheon
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Bill Ackman’s Pershing Square Capital Management has liquidated its positions in United Technologies Corp. and Automatic Data Processing Inc. as the firm builds up its cash reserves for new investments.
Ackman has decided to sell his stake in industrial company United Technologies rather than fight its takeover of defense contractor Raytheon Co., according to people familiar with the matter, who asked to not be identified because the matter isn’t public. He had vowed to oppose that deal in June, saying it lacked strategic sense.