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Ackman’s Pershing Square Says ADP Needs to Streamline, Modernize

(Reuters) Billionaire activist investor William Ackman on Thursday said Automatic Data Processing Inc’s (ADP.O) stock price could double in the next five years if the human resources outsourcing company cuts costs, streamlines its business and invests in technology upgrades. Ackman’s hedge fund Pershing Square Capital Management owns 8.3 percent of the $50 billion company and he is asking for board seats for himself plus two independent directors and considering pushing the board to make leadership changes.

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