Hedge Fund Opposes Fidelity National Deal

WALL STREET – Hedge fund activist William Ackerman said he will oppose the proposed acquisition of payroll and cards processor Ceridian to a Fidelity National Financial and private equity fund Thomas H. Lee Partners. Ackerman, whose Pershing Square Capital Management owns a 15% stake in Ceridian, said in a filing with the Securities and Exchange Commission he believes $36 a share, $5.3 billion price agreed to for Ceridian is too low and he hopes to convince other shareholders to pursue other avenues to maximize shareholder value. Last year, Ackerman pushed the Ceridian board for some kind of deal, including the possible spin-off of its Comdata cards and payroll processing unit. Fidelity National Financial is the parent of Fidelity National Title, the largest title insurer in the country, which was spun off last year form Fidelity National Information Services, the provider of back-office services for credit unions and banks.