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ADP Rejects Takeover Attempt

 William Ackman, Pershing Square Capital ManagementADP has rejected a bid by Pershing Square Capital Management to take control of the payroll services company board. ADP says that Pershing, led by activist investor William Ackman, approached it on August 1. The investment firm seeks to elect five to the board of directors and to replace CEO Carlos Rodriquez.

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