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Bill Ackman Builds a Stake in Automatic Data Processing

  • Pershing Square is said to already own shares, may buy more
  • ADP reported earnings Thursday that missed expectations

Billionaire investor Bill Ackman’s Pershing Square Capital Management has built a stake in business outsourcing company Automatic Data Processing Inc., according to people familiar with the matter.

Ackman has already bought shares in ADP and may acquire more through the new funds he filed documents for last week, the people said, asking not to be identified as the details aren’t public. Shares of the Roseland, New Jersey-based company rose as much as 13 percent to $120 Thursday, the biggest intraday move since 1987 to their highest-ever price.

The stock closed up 9.1 percent at $115.63 in New York, its largest one-day jump since 2008. The company has a market value of about $52 billion.

It’s unclear how big Pershing Square’s holding in ADP is or whether the fund plans to use its stake to push for changes at the company, which manages services including payroll, human resources and...