Ceridian Corporation And Pershing Square Capital Management Resolve Proxy Contest
New York, New York (September 08, 2007) – Ceridian Corporation (NYSE: CEN) and Pershing Square Capital Management, L.P. today jointly announced that Ceridian and certain funds managed by Pershing Square have reached an agreement with respect to the election of directors at the upcoming annual meeting of Ceridian.
Pershing Square has agreed to discontinue the proxy contest with respect to the election of directors at the annual meeting, and Ceridian has agreed that immediately following the annual meeting, the size of the Ceridian board will be increased to eleven, and three of Pershing Square’s current nominees — John D. Barfitt, Robert J. Levenson and Gregory A. Pratt — as well as Paul C. Hilal of Pershing Square, will be appointed to the board.
Kathryn V. Marinello, President and Chief Executive Officer of Ceridian, said, “This agreement represents a win for all Ceridian stockholders and allows us to move forward decisively in closing our $36 cash merger with Thomas H. Lee Partners and Fidelity National Financial.”
William A. Ackman of Pershing Square said “we are delighted to have brought this situation to an amicable conclusion, and look forward to a prompt closing of the merger. In the interim, we are confident that our designees to Ceridian’s board will serve the company well. I would like to personally thank our entire slate of directors for the time, professionalism and guidance that they brought to this process.”
Source: Ceridian
