Sard Verbinnen & Co. is working with Automatic Data Processing Inc. as it rebuffs activist investor Bill Ackman's demand to dump CEO Carlos Rodriquez and take half of the 10 board seats at the $12.4B payroll/taxes/benefits administrator.
Ackman's Pershing Square Capital Management, owners of an eight percent stake in Roseland, NJ-based ADP, wants an extension of the Aug. 10 deadline to nominate directors to the company's board.
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ADP claims Ackman first contacted it on Aug. 1 with his request to extend the deadline for up to 45 days.
The company says while it's open to "constructive criticism," the 2017 deadline has been public for a year and changing it would not be in the best interests of shareholders.
"We believe our current Board has an effective balance of leadership continuity and fresh perspectives that will help us to continue this strong track record of delivering value to shareholders," said ADP's statement.
ADP also touted the leadership of Rodriguez, noting a 202 percent in total shareholder return during his six years of leadership.
SV&C's George Sard, Liz Zale and Jared Levy represent ADP.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
