Commentary: 3 Lessons From Bill Ackman’s Failed ADP Proxy Fight [Fortune]
Korn Ferry (KFY)
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Source: Fortune
While Automatic Data Processing (ADP) was victorious in the proxy fight against activist investor William Ackman, who sought seats on the board, the drama highlights the sheer amount of energy and critical resources wasted on activity that doesn’t drive shareholder value. Proxy fights such as this one cost millions of dollars, as well as management’s time and attention. Activism is on the rise, and companies need to be thoughtful in terms of their response when activist investors target them with billions of dollars of financial firepower. The activist’s objective might be to acquire a controlling stake in the company and take it over, or mount a proxy challenge to get representatives on the board, as in the case of Ackman and ADP (ADP) . Once faced with the proxy battle, ADP handled it well. Most companies facing an activist onslaught see two choices: outright opposition or capitulation. But there is another way, as Korn Ferry has found in studying best practic
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