NEW YORK — Ceridian Corp.'s largest shareholder said it opposes a pending $5.3 billion sale of the payroll processor and human resources services provider and intends to pursue alternatives, according to a filing Wednesday with the Securities and Exchange Commission.
The shareholder, hedge fund Pershing Square Capital Management LP, which is managed by William A. Ackman, owns a 14.9 percent stake in the Minneapolis-based company.
In January, Pershing asked the company to spin off its Comdata division, which issues and processes credit and gift cards, and said it would field a slate of alternative directors at the company's annual meeting. In a letter to shareholders dated Tuesday, Ackman said the planned buyout was an "ill-suited response" to the proxy contest.
Wednesday 13 June 2007
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