Universal Appeal: Pershing Square’s Recent Battle with ADP and its Implications for the Use of Universal Proxy Cards in Canada

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In November 2017, Bill Ackman and his hedge fund Pershing Square Capital Management, L.P. (“Pershing Square”) lost a high-profile proxy battle against ADP, LLC (“ADP”). After disclosing Pershing Square had acquired an 8% interest in ADP, Ackman launched a proxy campaign to obtain three seats on the ten-person ADP board. During the campaign, Pershing Square suggested both sides use a “universal proxy card,” which is a single form of proxy listing all director candidates, regardless of whether they are nominated by management or the dissident shareholders. Click here for more.