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Ackman's Pershing Square builds stake in outsourcing company ADP - BBG

July 27 (Reuters) - Billionaire investor Bill Ackman's Pershing Square Capital Management has built a stake in business outsourcing company Automatic Data Processing Inc, Bloomberg reported on Thursday.

ADP's shares rose as much as 12.3 percent to a record high of $118.96.

Ackman has already bought shares in ADP and could acquire more through the new funds he filed documents for last week, Bloomberg reported, citing people familiar with the matter. (https://bloom.bg/2v1dbs2)

Pershing Square declined to comment, while ADP could not be reached immediately for a comment. (Reporting by Rishika Sadam in Bengaluru; Editing by Maju Samuel)