Ackman Fought Uphill Battle Against ADP Says Ellis

The transcript covers a discussion on Bill Ackman's proxy battle with ADP, focusing on the challenges and strategies involved. It highlights shareholder support, transparency issues, and market competition. The conversation also touches on future outlooks, including tax reform benefits for ADP.

What were some of the main ideas presented by Pershing's team during the proxy battle?

How did the timing of Pershing's entry into the proxy contest affect their chances of success?

What were the concerns raised by investors regarding ADP's management?

What was Ackman's perspective on the margin improvement goals set by ADP's CEO?

What challenges does ADP face in the enterprise segment according to the discussion?

How did the recent earnings report impact the perception of ADP's stock?

What role does tax reform play in the outlook for ADP according to the analysts?