Paychex has urged its shareholders not to tender their shares in response to a bid made by an investment group. In a filing with the SEC this week, the payroll services company said it has been notified that TRC Capital Corp. intends to purchase up to two million share of Paychex common stock at a price of $54.75 per share.

Activist investor Bill Ackman, who has been seeking to defeat three incumbent members of the board of Automatic Data Processing, has now wants to expand the board by three seats. Ackman's proposal became public this week with his filing with the SEC of a letter written to the board, which also shows he met with the ADP board recently.

Liberty Tax Services said this week its board of directors had decided to terminate John Hewitt as CEO and president. The company issued a statement that the hiring of Ed Brunot as COO on June 1 was part of a deliberate succession planning process and it will announce a new CEO "in the coming days"