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In a 13G (passive stake) filing on Ceridian Corporation (CEN) this morning, activist investor Bill Ackman's Pershing Square Capital hedge fund disclosed an 11.3% stake (15.7 million shares) in the company. The firm did not disclose a position in Ceridian for the quarter ended September 30, 2006.

Ackman may be best known for his fight to implement changes at McDonald's Corp. (MCD). He was also instrumental in getting Wendy's International (WEN) to make aggressive changes, including spinning off its Tim Horton's (THI) chain.

Recently, Ackman has built large stakes in book retailers Borders Group Inc. (BGP) and Barnes & Noble (BKS) - calling both companies undervalued.

Ceridian is a top human resources outsourcing company.

Related: Street Insider 13G filings, Bill Ackman Liquidates His Wendy's Stake, Activist Investor Ackman Turns Bullish on Borders -- Shares Soar, Barnes and Noble: It's All in the Books, Bill Ackman Raising Funds to Take $2B Bite Out of MacDonald's

Ceridian Corp 20 12 06

Lon Juricic

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