It's a bad Monday for billionaire investor Bill Ackman
Herbalife shares were up about 8% Monday morning following news that it had talks to go private .
The surge is a blow to Bill Ackman's Pershing Square Capital, the activist fund that famously went short on the supplements company five years ago while accusing it of operating as a pyramid scheme. Pershing Square's bet has largely gone the wrong way since it was put on.Meanwhile, the human resources company ADP rejected Ackman's board nominations. Pershing Square took an 8% stake in the company earlier this summer and had been seeking three board seats , including one for Ackman.
ADP " determined that none of the Pershing Square nominees bring additive skills or experience to ADP's Board," the company said Monday .
"Unlike Mr. Ackman's nominees, ADP's directors have a deep understanding and appreciation of the current state of ADP's business and its clients," John P. Jones, Non-Executive Chairman of the Board, said in the statement.
ADP had been gaining up until July 31, a few days after Bloomberg News reported that Ackman had taken a stake in the company. The stock has been falling since.
Pershing Square Holdings, a publicly traded vehicle which is a proxy for Pershing's private fund, is down 1.7% this year through August 15 , meanwhile.
A spokesman for Pershing Square didn't immediately comment.