ADP Rejects Ackman’s Board Nominees

The transcript discusses Bill Ackman's attempt to nominate directors to ADP's board, which the company has rejected, leading to a potential proxy battle. Analysts agree with Ackman's points on margin improvement and technology upgrades. The situation is expected to escalate towards a proxy battle by November's AGM.

How did the analyst community react to Ackman's presentation?

What implications does the potential proxy battle have for ADP?