Reports Relational Investors Sold Remaining Stake in Ceridian (CEN)

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By Douglas A. McIntyre Published

From 13D Tracker

According to reports from Reuters, activist fund Relational Investors said they sold their remaining shares in Ceridian Corp. (NYSE: CEN). According to the report, Relational Investors’ principal Ralph Whitworth said the firm has "bigger fish to fry."

Ceridian is also an activist target of Bill Ackman’s Pershing Square Capital, which wants the company to spin-off its Comdata division and is seeking to replace the board.
In a letter to Ceridian’s Chairman earlier in the year, Relational Investors said they would support each of the points made by Pershing Square. In the same letter, Relational Investors noted they decided to begin selling their position having experienced many of the same frustrations expressed by Pershing Square.
In February, Ceridian announced that its Board of Directors has decided to explore a broad range of strategic alternatives to enhance shareholder value.
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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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