Ackman was looking for some good news after the crushing loss on Valeant Pharmaceuticals International Inc. and the Chipotle Mexican Grill Inc. setback. While insisting he remains confident about his bet against Herbalife, Ackman said this month that he’s changed his investment from shorting the stock to put options to head off further losses if the shares keep rising.
“The proxy fight at ADP is an unmitigated disaster for him,” Liekefett said, adding that Ackman’s three-hour presentations focusing on the minutia of the proxy fight are starting to work against him. “He gets so much into the weeds that he is apparently incapable of dumbing down his message to a couple of points.”
Shares of ADP fell less than 1 percent in New York trading Tuesday to $110.95 as of 10:31 a.m.
Ackman has said he intends to be a long-term holder of ADP regardless of the final outcome, and that he would be willing to wage another proxy fight next year if the company doesn’t dramatically improve its operations over the next 12 months.
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