UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
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| ☐ | Definitive Proxy Statement | |
| ☒ | Definitive Additional Materials | |
| ☐ | Soliciting material Pursuant to §240.14a-12 | |
Automatic Data Processing, Inc.
(Name of Registrant as Specified In Its Charter)
William A. Ackman
Veronica M. Hagen
V. Paul Unruh
Pershing Square Capital Management, L.P.
PS Management GP, LLC
Pershing Square, L.P.
Pershing Square II, L.P.
Pershing Square International, Ltd.
Pershing Square Holdings, Ltd.
Pershing Square VI Master, L.P.
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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Pershing Square Capital Management, L.P. and certain affiliates posted the following material to their Facebook Page relating to Automatic Data Processing, Inc. (the “Company”):
ADP Ascending
ADP Ascending
Published by Global Strategy Group [?] Just now
CDK and Solera doubled their operating margins after they were no longer overseen by $ADP’s management and board. Find out more about the opportunity for ADP in our letter to shareholder.
https://adpascending.com/.../ Pershing-Square-ADP-Shareholder-…
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ADP Ascending
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ADP Ascending Published by global Strategy Group [?[] Just now Here is our second question for ADP. All ADP shareholders deserve an answer to this question. Call on ADP to answer both of our questions. https:// adpascending.com/questions/ Your Vote is important Vote the GOLD Proxy Card Today Question: When ADP owned Dealer Services, it aimed to produce just 50bps of annual margin improvement. When Dealer Services was spun-off as CDK Global (“CDK”), it promptly identified an opportunity to double margins without negative consequence to CDK’s customers, shareholders or other stakeholders. Why was ADP not able to realize this opportunity when it owned CDL? CDK achieved this improvement by engaging constructively with shareholders, hiring an outside consultant to evaluate its potential, and announcing a transformation plan - why won’t ADP do the same? CDK’s Margin Transformation October 2014: ADP Completes Spinoff of CDK Margins(%) 45% 30% 15% 0% 21% 16% 23% 18% 27% 22% 32% 26% 35% 30% -40% -35% FY2014A FY2015A FY2016A FY2017A FY2018E FY2019E (Edit Margin) CDK Defined Adjusted EBITDA(%) Adjusted EBIT(1) (1) Adjusted margins expensed stock based compensation and D&A. 2014 EBIT adjusted to expense $16.8m of incremental costs associated with the formation of corporate departments as a stand-alone public company. These costs were incurred in fiscal 2016 and have been reflected as adjustments in fiscal 2014 to present these periods on a comparable basis.
Pershing Square Capital Management, L.P. and certain affiliates posted the following material to their Twitter page relating to the Company:
ADP ASCENDING
ADP ASCENDING
@ADP Ascending
CDK’s underperformance while managed by $ADP is a sign that $ADP can do better & is not achieving its full potential. (1/4)
CDK’S Margin Transformation
Margins (%)
0% 15% 30% 45% 21% 16% 23% 18% 27% 22% 32% 20% 35% 30% -40% -35%
FY2014A
FY2015A
FY2016A
FY2017A
FY2018E
FY2019E (Exit Margin)
October 2014: ADP
Completes Spinoff of CDK
CDK Defined ADJUSTED EBITDA(%)
Adjusted EBIT(1)
(1) Adjusted margins expensed stock-based compensation and D&A 2014 EBIT adjusted to expense $16.8m of incremental costs associated with the formation of corporate departments as a stand-alone public company. These costs were incurred in fiscal 2016 and have been reflected as adjustments in fiscal 2014 to present these periods on a comparable basis.
7:54 AM – 29 Sep 2017
ADP ASCENDING
ADP ASCENDING @ ADPascending . 1m
Replying to @ ADPascending
What happened when ADP spun off CDK? CDK’s operating margins doubled within 3 years. (2/4)
1
ADP ASCENDING
ADP ASCENDING @ ADPascending . 48s
Activist investor recommendations helped increase CDK’s shareholder value & the same opportunity exists at $ADP. (3/4)
1
ADP ASCENDING
ADP ASCENDING @ ADPascending . 20s
ADP can do better. Help ADP achieve its full potential by voting gold.
#VoteGOLD (4/4)
Adp Ascending
Adp Ascending
@ AdpAscending
Get the facts on the opportunity for
shareholders to unlock ADP’s potential
#VoteGOLD adpascending.com
AdpAscending
Vote Online Vote By phone Vote By Mail
Vote Gold
to help ADP
Achieve its
Full Potential
1:03 PM – 29 Sep 2017
ADP Ascending
ADP Ascending
@ADPascending
ADP’s gross margin is 60%. Its competitors’
gross margins are 74%. Learn how ADP can
do better: adpascending.com #VoteGOLD
Home | ADP Ascending
ADP Ascending asks is ADP achieving its full potential and
investors and analysts who would like to ask a question should
vote the GOLD Proxy Card.
adpascending.com
1:08 PM – 29 Sep 2017
On September 29, 2017, Pershing Square Capital Management, L.P. and certain affiliates posted the following material to www.ADPascending.com:
ADPASCENDING
HOME
HOW TO VOTE
THE NOMINEES
INVESTOR MATERIALS
REACTIONS
CONTACT
PRESS RELEASES
TIMELINE
PRESS RELEASES
PRESENTAIONS & VIDEOS
QUESTIONS
LETTERS AND FILINGS
Pershing Square Press Releases:
September 28, 2017
Pershing Square Releases Letter to shareholders
September 25, 2017
Pershing Square Press Releases Detailed Responses to ADP’s September 12, 2017 Presentation
September 20, 2017
Pershing Square Releases Letter to Shareholders
September 13, 2017
Pershing Square Responds to ADP Presentation
September 8, 2017
Pershing Square Press Reminds Investors of the ADP Record Date for Voting at the 2017 Annual Meeting
September 7, 2017
Pershing Square Reminds Investors of the ADP Record Date for Voting at the 2017 Annual Meeting
September 6, 2017
Pershing Square Comments on Meeting with ADP board
September 5, 2017
Pershing Square Files Definitive Proxy Materials for ADP 2017 Annual Meeting
August 21, 2017
Pershing Square Issues Statement Regarding ADP
August 18, 2017
Pershing Square Announces Replay of Webcast Available at www.ADPAscending.com
August 16, 2017
Pershing Square Announces Details for Webcast
August 7, 2017
Pershing Square Announces Nominees for Election to the Board of Directors of ADP
August 4, 2017
Pershing Square Announces Investment on ADP
© 2017 Pershing Square Capital Management, L.P. |Disclaimer | SEC Filings
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Pershing Square Capital Management, L.P. and certain affiliates posted the following material to their YouTube page relating to the Company:
YouTube
Search
(ADP)
Automatic Data
106.74 -0.75 [-0.69%]
INTRA DAY
108.0
107.48
Close
106.4
9.30A 12P 2P 4P
HALFTIME REPORT
THE BATTLE FOR ADP:
BILL ACKMAN - Live
But the issue for shareholders is not how well the company has done over the past, the
CNBC
0:04 / 0:17
CNBC “The bottom line is that ADP has massively underperformed its potential.”
Unlisted
7 views
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YouTube
Search
(ADP)
Automatic Data
106.76 -0.72 [-0.67%]
Intra Day
108.0
107.48
Close
106.4
9.30A 12p 2p 4p
Halftime Report
ACKMAN: ADP has Massively
underperformed its Potential
The issue here is, how big is the margin opportunity at ADP?
CNBC
CNBC “ How big is the margin opportunity at ADP?”
Unlisted
4 views
0 0 Share
Pershing Square Capital Management, L.P. and certain affiliates have placed the following advertisements on Facebook:
ADP ASCENDING
ADP Ascending
5 mins
It’s clear that ADP has massively underperformed its potential. The issue for shareholders is how well can the company do in the future.
STREET CRED
BILL ACKMAN
Pershing Square Capital CEO and Portfolio Manager
HALFTIME REPORT
THE BATTLE FOR ADP: BILL ACKMAN - LIVE
CNBC
Help transform ADP. #VoteGOLD
Learn More
484 Views
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ADP ASCENDING
ADP Ascending
4 mins
We have a plan for ADP’s transformation. Vote GOLD to help ADP achieve its full potential.
(ADP)
AUTOMATIC DATA
106.78 -0.70 [-0.65%]
108.0
INTRA DAY
107.48
CLOSE
106.4
9.30A 12P 2P 4P
HALFTIME REPORT
ACKMAN: ADP HAS MASSIVELY UNDERPERFORMED ITS POTENTIAL
CNBC
Make your voice heard. #VoteGOLD
Learn More
82 Views
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Comment
Share
Pershing Square Capital Management, L.P. and certain affiliates have placed the following advertisements on Twitter:
ADP ASCENDING
ADP Ascending
@ADPascending
The issue for $ADP shareholders is how well can the company do in the future.
#VoteGOLD
STREET CRED
BILL ACKMAN
Pershing Square
Capital CEO and
Portfolio Manager
HALFTIME REPORT
THE BATTLE FOR ADP:
BILL ACKMAN - LIVE
CNBC
0:06 / 0:17
Help transform ADP. #VoteGOLD
10:28 AM – 29 Sep 2017
ADP ASCENDING
ADP Ascending
@ ADP Ascending
We have a plan for ADP’s transformation. #VoteGold to help $ADP achieve its full potential.
(ADP)
AUTOMATIC DATA
106.78 -0.70 [-0.65%]
INTRA DAY
108.0
107.48
CLOSE
106.4
9.30A 12P 2P 4P
HALFTIME REPORT
ACKMAN: ADP HAS MASSIVELY UNDERPERFORMED ITS POTENTIAL
0:10 / 0:42
CNBC
Make your voice heard. #VoteGOLD
10:23AM – 29 Sep 2017