The Reporting Persons intend to engage in discussions with the Issuer, management, the board of directors, other stockholders and other persons that may relate to governance and board composition, management, operations, business, assets, capitalization, financial condition, strategic plans and the future of the Issuer. The Reporting Persons may also take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D, including but not limited to, solicitation of proxies, and may discuss such actions with the Issuer, management, the board of directors, other stockholders and other persons.
Oh, there is also the obvious fact that Sachem Head believes CDK ‘is undervalued and is an attractive investment.’ I am sure that is intentional. Despite all of the recent headlines and hoopla, activists often work ‘behind the scenes’ with management in order to exact change and (usually) only go public and hostile after their ideas have fallen on deaf ears. The dealer services firm has slipped slightly since the spin was completed and is a name that many investors were excited about. Not much going on here right now, but definitely a situation worth watching more closely.
Disclosure: Author holds no position in any stock mentioned.