(CNBC) Billionaire investor Bill Ackman’s Pershing Square Capital Management is said to be building a stake in Automatic Data Processing, Bloomberg reported, citing sources. Shares of ADP spiked on the news. Pershing has already acquired shares in the business outsourcing company and could acquire more in new funds it filed documents for last week, Bloomberg reported. The size of the stake is unknown. The fund firm previously owned ADP from 2009 to 2011.
ADP Shares Spike On Report That Hedge Fund Manager Bill Ackman Is Building A Stake
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