Ackman’s Pershing Square sold stakes in United Technologies and ADP

Bill Ackman’s Pershing Square Holdings announced last night announced that it has exited its investments in United Technologies (UTX) and ADP (ADP) as of June 10, 2019, and July 31, 2019, respectively. The firm will not fight United Technologies’ takeover of Raytheon (RTN). Further, Pershing said it has acquired a new investment that represents 12% of its net asset value. “PSH will provide further details about these investments in the upcoming Semiannual Financial Statements which will be issued later this month,” the firm said in a statement.