Pershing Square Backpedals on Ceridian Board Seat

Pershing Square Capital Management, which has been battling Ceridian over that company's proposed buyout, indicated that it would not nominate a replacement director to the Ceridian board. Shareholders are scheduled to vote on Ceridian's $5 billion buyout by Thomas H. Lee Partners and Fidelity National Financial in September. Pershing Square presented a slate of alternative directors for Ceridian's board earlier this year.