Ceridian Shareholder Opposes $5.3 Billion Buyout |
| Bloomberg - Jun 13, 2007 |
Ceridian Corp.'s largest shareholder, Pershing Square Capital Management LP, opposed a $5.3 billion takeover of the company, calling the offer too low and hiring a banker to seek a higher one.
Pershing, the hedge fund founded by William Ackman, hired Lazard Ltd. to find bids that exceed the $36-a-share proposal from Thomas H. Lee Partners LP and Fidelity National Financial Inc., according to a letter enclosed in a regulatory filing. The fund owns about 15 percent of Minneapolis-based Ceridian.
Ackman, who has pressed companies such as McDonald's Corp. to improve their performance, joins the Minneapolis Firefighters' Relief Association in rejecting the bid. Ackman has pushed Ceridian to spin off its fastest-growing unit and attempted to gain influence over the board since at least January.
Read Full Article from Bloomberg
- Posted: 2007-06-13 09:59:03
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