Reports Relational Investors Sold Remaining Stake in Ceridian (CEN)
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.