AUTOMATIC DATA PROCESSING INC — Proxy Solicitation & Information Statement 2017

Sep 28, 2017

DFAN14A 1 d457978ddfan14a.htm DFAN14A DFAN14A

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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.

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Chief executive officer and portfolio manager of Pershing Square Capital Management, L.P., William A. Ackman posted the following material to his Twitter page:

ADP Ascending @ADPascending Here is our second question for @ADP. All $ADP shareholders deserve an answer. 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 CDK? 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? COK’1 Margin Transformation 10:30 AM - 28 Sep 2017 Tweet your reply Bill Ackman @BillAckman 24m Replying to @ADPascending @ADP Worth a look. CDK’s outperformance after ADP is telling. 2