Ceridian shareholder Pershing increases stake after expressing dissatisfaction with company

By Lisa Kerner

Charlotte, N.C., Feb. 6 - The Pershing Square Funds increased its stake in Ceridian Corp. with the purchase of options to buy 3 million shares of the company's common stock for approximately $24.26 per share, or $29.6 million.

Pershing and its affiliates own 13.5% of Ceridian's outstanding stock, according to a schedule 13D filing with the Securities and Exchange Commission.

In January, Pershing criticized the company's replacement of its previous chief executive officer and said it believes the company should spin off its subsidiary, Comdata.

Ceridian is a Minneapolis-based information services company.

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