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Getting To Know Bill Ackman: Part V Ceridian

Pershing Square started purchasing the stock of Ceridian Corporation in late 2006. By January 2007, Pershing Square held an 11.3% stake in Ceridian. At the inception of Pershing Square's involvement with Ceridian, its stock was traded at approximately $23 per share.

After meeting the then-newly appointed CEO of Ceridian and understanding her strategy to extend the company well beyond its core businesses and fire the president of its Comdata division, Pershing Square became “active” with respect to its investment.

Pershing Square believed that Ceridian stock was undervalued and, in light of the newly conceived (and, in Pershing Square's view, deeply...