0001193125-18-251796.txt : 20180817 0001193125-18-251796.hdr.sgml : 20180817 20180817170838 ACCESSION NUMBER: 0001193125-18-251796 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20180817 DATE AS OF CHANGE: 20180817 GROUP MEMBERS: PS MANAGEMENT GP, LLC GROUP MEMBERS: WILLIAM A. ACKMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AUTOMATIC DATA PROCESSING INC CENTRAL INDEX KEY: 0000008670 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 221467904 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-30520 FILM NUMBER: 181026445 BUSINESS ADDRESS: STREET 1: ONE ADP BOULVARD CITY: ROSELAND STATE: NJ ZIP: 07068 BUSINESS PHONE: 9739745000 MAIL ADDRESS: STREET 1: ONE ADP BOULEVARD CITY: ROSELAND STATE: NJ ZIP: 07068 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pershing Square Capital Management, L.P. CENTRAL INDEX KEY: 0001336528 IRS NUMBER: 383694136 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-813-3700 MAIL ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 42ND FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 d611581dsc13da.htm AMENDMENT NO. 6 TO SCHEDULE 13D Amendment No. 6 to Schedule 13D

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED

PURSUANT TO § 240.13d-2(a)

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

Automatic Data Processing, Inc.

(Name of Issuer)

Common Stock, par value $0.10 per share

(Title of Class of Securities)

053015103

(CUSIP Number)

Steve Milankov, Esq.

Pershing Square Capital Management, L.P.

888 Seventh Avenue, 42nd Floor

New York, New York 10019

(212) 813-3700

With a copy to:

Richard M. Brand, Esq.

Cadwalader, Wickersham & Taft LLP

One World Financial Center

New York, New York 10281

(212) 504-6000

 

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

August 16, 2018

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No. 053015103  

 

  1       

NAME OF REPORTING PERSON

 

Pershing Square Capital Management, L.P.

  2      

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3      

SEC USE ONLY

 

  4      

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5      

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

☐

  6      

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7     

SOLE VOTING POWER

 

NONE

     8     

SHARED VOTING POWER

 

21,304,500

     9     

SOLE DISPOSITIVE POWER

 

NONE

   10     

SHARED DISPOSITIVE POWER

 

21,304,500

11      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

21,304,500

12      

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

☒

13      

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.9%*

14      

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IA

 

*

This calculation is based on 438,082,756 shares of Common Stock outstanding as of July 31, 2018 as reported in the Issuer’s Annual Report on Form 10-K filed on August 3, 2018 for the calendar year ended June 30, 2018.

CUSIP No. 053015103   

 

  1       

NAME OF REPORTING PERSON

 

PS Management GP, LLC

  2      

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3      

SEC USE ONLY

 

  4      

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5      

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

☐

  6      

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

       7     

SOLE VOTING POWER

 

NONE

      8     

SHARED VOTING POWER

 

21,304,500

      9     

SOLE DISPOSITIVE POWER

 

NONE

   10     

SHARED DISPOSITIVE POWER

 

21,304,500

11      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

21,304,500

12      

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

☒

13      

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.9%*

14      

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

OO

 

*

This calculation is based on 438,082,756 shares of Common Stock outstanding as of July 31, 2018 as reported in the Issuer’s Annual Report on Form 10-K filed on August 3, 2018 for the calendar year ended June 30, 2018.

CUSIP No. 053015103   

 

  1       

NAME OF REPORTING PERSON

 

William A. Ackman

  2      

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

(a)  ☐        (b)  ☒

 

  3      

SEC USE ONLY

 

  4      

SOURCE OF FUNDS (SEE INSTRUCTIONS)

 

OO (See Item 3)

  5      

CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

 

☐

  6      

CITIZENSHIP OR PLACE OF ORGANIZATION

 

United States

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

       7     

SOLE VOTING POWER

 

NONE

      8     

SHARED VOTING POWER

 

21,304,500

      9     

SOLE DISPOSITIVE POWER

 

NONE

    10     

SHARED DISPOSITIVE POWER

 

21,304,500

11      

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

21,304,500

12      

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

 

☒

13      

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

4.9%*

14      

TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

 

IN

 

*

This calculation is based on 438,082,756 shares of Common Stock outstanding as of July 31, 2018 as reported in the Issuer’s Annual Report on Form 10-K filed on August 3, 2018 for the calendar year ended June 30, 2018.

This amendment No. 6 (the “Amendment No. 6”) to Schedule 13D relates to the Schedule 13D filed on August 7, 2017 (the “Original Schedule 13D”, as amended and supplemented through the date of this Amendment No. 6, the “Schedule 13D”) by (i) Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”); (ii) PS Management GP, LLC, a Delaware limited liability company (“PS Management”); and (iii) William A. Ackman, a citizen of the United States of America (together with Pershing Square and PS Management, the “Reporting Persons”) relating to the common stock, par value $0.10 per share (the “Common Stock”), of Automatic Data Processing, Inc., a Delaware corporation (the “Issuer”).

Capitalized terms used but not defined in this Amendment No. 6 shall have the meetings set forth in the Schedule 13D.

Except as specifically amended by this Amendment No. 6, the Schedule 13D is unchanged.

 

Item 1.

Security and Issuer

The second and third paragraphs of Item 1 of the Original Schedule 13D is hereby amended and restated in full to read as follows:

“The Reporting Persons beneficially own 21,304,500 shares of Common Stock (the “Subject Shares”), which number includes: 4,029,427 shares of Common Stock, and 17,275,073 shares underlying listed and over-the-counter American-style call options.

The Subject Shares represent approximately 4.9% of the outstanding shares of Common Stock based on 438,082,756 shares of Common Stock outstanding as of July 31, 2018 as reported in the Issuer’s Annual Report on Form 10-K filed on August 3, 2018 for the calendar year ended June 30, 2018.”

 

Item 4.

Purpose of the Transaction

Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

“The Reporting Persons on behalf of the PS Funds acquired and sold certain Common Stock and certain American-style call options for portfolio management purposes, the net impact of which was to reduce the Reporting Persons’ beneficial ownership to below 5% of the outstanding shares of Common Stock of the Issuer. The trades are set forth in Exhibit 99.12.”

 

Item 5.

Interest in Securities of the Issuer

Item 5 of the Original Schedule 13D is hereby amended and supplemented by adding the following information:

“(a), (b) Information about the number and percentage of shares of Common Stock beneficially owned by the Reporting Persons is set forth in Item 1, and that information is incorporated by reference herein.

(c) Exhibit 99.12 filed herewith, which is incorporated by reference into this Item 5(c) as if restated in full, and Exhibit 99.11 previously filed, describe all of the transactions in the Common Stock or derivatives relating to Common Stock that were effected in the past 60 days by the Reporting Persons for the benefit of Pershing Square and the PS Funds. Except as set forth in Exhibit 99.11 and Exhibit 99.12 no reportable transactions were effected by any Reporting Person within the last 60 days.

(e) The Reporting Persons ceased to be beneficial owners of more than five percent of the shares of Common Stock on August 16, 2018.”

 

Item 7.

Material to be Filed as Exhibits

Item 7 of the Original Schedule 13D is hereby amended and supplemented by adding a reference to the following exhibit:

 

Exhibit 99.12    Trading data.

SIGNATURE

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: August 17, 2018

 

PERSHING SQUARE CAPITAL MANAGEMENT, L.P.

By:

   PS Management GP, LLC, its General Partner
By   /s/ William A. Ackman
 

William A. Ackman

 

Managing Member

PS MANAGEMENT GP, LLC
By   /s/ William A. Ackman
 

William A. Ackman

 

Managing Member

  /s/ William A. Ackman
 

William A. Ackman

INDEX TO EXHIBITS

 

Exhibit

   

Description

Exhibit 99.1    Joint Filing Agreement, dated as of August 7, 2017, among Pershing Square, PS Management and William A. Ackman.*
Exhibit 99.2    Trading data.*
Exhibit 99.3    Form of Confirmation for Forward Purchase Contracts.*
Exhibit 99.4    Form of Confirmation for Call Options.*
Exhibit 99.5    Notification Letter, dated as of August 7, 2017.*
Exhibit 99.6    Press Release, dated as of August 7, 2017.*
Exhibit 99.7    Trading data.*
Exhibit 99.8    Letter, dated September 7, 2017.*
Exhibit 99.9    Letter, dated September 15, 2017.*
Exhibit 99.10    Trading data.*
Exhibit 99.11    Trading data.*
Exhibit 99.12   

Trading data.

 

*

Previously Filed

EX-99.12 2 d611581dex9912.htm EX-99.12 EX-99.12

Exhibit 99.12

 

Name

  

Trade Date

   

Buy/Sell/

Exercise

    No. of
Shares /
Quantity		      Unit
Cost		      Strike
Price		      Trade
Amount		     

Security

    Expiration Date

Pershing Square, L.P.

   August 15, 2018    Sell      5,510      $ 69.79      $ 76.06      $ 384,557      OTC Call Option    June 23, 2020

Pershing Square, L.P.

   August 16, 2018    Sell      62,268      $ 70.49      $ 76.06      $ 4,389,271      OTC Call Option    June 23, 2020

Pershing Square, L.P.

   August 17, 2018    Sell      63,612      $ 71.69      $ 76.06      $ 4,560,376      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 17, 2018    Sell      3,096      $ 67.23      $ 76.06      $ 208,144      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 18, 2018    Sell      6,838      $ 67.16      $ 76.06      $ 459,240      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 19, 2018    Sell      2,910      $ 66.84      $ 76.06      $ 194,504      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 20, 2018    Sell      760      $ 67.65      $ 76.06      $ 51,414      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 23, 2018    Sell      4,578      $ 67.27      $ 76.06      $ 307,962      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 24, 2018    Sell      865      $ 67.57      $ 76.06      $ 58,444      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   July 25, 2018    Sell      1,137      $ 67.51      $ 76.06      $ 76,759      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   August 13, 2018    Sell      11,165      $ 69.16      $ 76.06      $ 772,171      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   August 14, 2018    Sell      5,234      $ 70.04      $ 76.06      $ 366,589      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   August 15, 2018    Sell      1,621      $ 69.79      $ 76.06      $ 113,134      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   August 16, 2018    Sell      3,276      $ 70.49      $ 76.06      $ 230,925      OTC Call Option    June 23, 2020

Pershing Square II, L.P.

   August 17, 2018    Sell      3,156      $ 71.69      $ 76.06      $ 226,255      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 17, 2018    Sell      195,939      $ 137.27        N/A      $ 26,897,333      Common Stock    N/A

Pershing Square Holdings, Ltd.

   July 17, 2018    Sell      83,654      $ 67.23      $ 76.06      $ 5,624,058      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 18, 2018    Sell      493,162      $ 67.16      $ 76.06      $ 33,120,760      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 19, 2018    Sell      214,401      $ 66.84      $ 76.06      $ 14,330,563      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 20, 2018    Sell      22,240      $ 67.65      $ 76.06      $ 1,504,536      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 23, 2018    Sell      330,422      $ 67.27      $ 76.06      $ 22,227,488      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 24, 2018    Sell      47,635      $ 67.57      $ 76.06      $ 3,218,459      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   July 25, 2018    Sell      92,363      $ 67.51      $ 76.06      $ 6,235,426      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 9, 2018    Sell      236,000      $ 68.03      $ 76.06      $ 16,055,080      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 10, 2018    Sell      264,000      $ 68.63      $ 76.06      $ 18,118,320      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 13, 2018    Sell      278,835      $ 69.16      $ 76.06      $ 19,284,229      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 14, 2018    Sell      380,766      $ 70.04      $ 76.06      $ 26,668,851      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 15, 2018    Sell      110,869      $ 69.79      $ 76.06      $ 7,737,825      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 16, 2018    Sell      230,456      $ 70.49      $ 76.06      $ 16,244,843      OTC Call Option    June 23, 2020

Pershing Square Holdings, Ltd.

   August 17, 2018    Sell      237,232      $ 71.69      $ 76.06      $ 17,007,281      OTC Call Option    June 23, 2020

Pershing Square VI Master, L.P.

   June 28, 2018    Buy      122,800      $ 41.57      $ 108.00      $ 5,104,366      OTC Call Option    January 15, 2021

Pershing Square Capital Management, L.P.

   July 25, 2018    Buy      1      $ 137.86        N/A      $ 138      Common Stock    N/A