Ceridian Welcomes Pershing Square’s Support for $36 Per Share Transaction
MINNEAPOLIS, MN (August 14, 2007) – Ceridian Corporation (NYSE: CEN) today issued the following statement with respect to the revised proxy materials filed by Pershing Square Capital Management, L.P.:
“Following a thorough and publicly announced exploration of strategic alternatives, the Ceridian Board determined that a sale of the company for $36 per share is in the best interests of all Ceridian stockholders and provides the greatest and most certain value among the available alternatives. We welcome Pershing Square’s announcement today that it supports the transaction.
We urge stockholders who support the $36 per share buyout to vote to approve the merger and to vote to reelect the existing Board, which is committed to completing the merger as quickly as possible. We believe Pershing Square’s election contest to replace the Ceridian Board may be contentious and disruptive and, if successful, may create unnecessary risks for the company and the transaction.”
Source: Ceridian
