Saturday, 20 September 2014
Last updated 16 hours ago
Sep 6 2007 | 1:50pm ET
Ceridian Corp. has a few choice words of its own for activist hedge fund honcho William Ackman. The human-resources outsourcing concern fired back today at Pershing Square Capital Management’s “continuing ill-advised effort” to replace its board.
The company said Ackman’s plans to replace the current board “introduces significant and unnecessary risk to completion of our $36 per share cash merger,” citing other institutional investors, including private equity powerhouse Thomas H. Lee Partners, support for its current management team.
Ceridian labeled Pershing Square’s claims of continuing its proxy fight only so that its nominees can act as a “backstop” and take over the company in case the merger does not close as “disingenuous.”
“It is Pershing Square’s proxy fight that increases the very risk that Pershing Square claims to be trying to backstop,” Ceridian wrote on its Web site. “If Pershing Square truly wanted to support our $36 per share cash merger, it would support the reelection of our board and allow the merger to close, knowing that if the merger did not close, it could immediately renew its election contest.”
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.