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Bill Ackman webcast on latest activist position, ADP

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Hedge fund activist Bill Ackman hosts a webcast detailing his "extensive research" on ADP and justification for Pershing Square's 8 percent stake in the payroll processor.

He'll be taking questions from ADP investors and analysts during the call. Ackman's presentation can be viewed at The call is the latest step in what is already shaping up to be one of the most contentious proxy fights of the year.