Did you miss "Mad Money" on CNBC? If so, here are some of Jim Cramer's top takeaways.

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In a special Mad Money segment Tuesday night, Cramer sat down with activist investor Bill Ackman, founder and CEO of Pershing Square Capital, for an update in his proxy battle with Automatic Data Processing (ADP) - Get Report .

Viewers may recall that Cramer also interviewed ADP's CEO, Carlos Rodriguez, on Aug. 21.

Ackman said that activism is all about aligning boards of directors with shareholder interests. He said too often boards become complacent after the founder steps down and boards rarely own much stock themselves after that.

As for ADP, Ackman said that it is a terrific company with a long history, but over the past few years, it's been underperforming against its peers and should be doing a lot better. He said rivals like Paychex (PAYX) - Get Report , the CEO of which Cramer interviewed on Tuesday's show, are putting up much better gross margins than ADP and 25% of Paychex is a direct competitor with ADP.

Over on Real Money, Cramer says Equifax (EFX) - Get Report should have slammed the selling window shut. Get his insights with a free trial subscription to Real Money.

Cramer and the AAP team have updates on a few names in their portfolio. Find out what they're telling their investment club members about Pepsico (PEP) - Get Report and Broadcom (AVGO) - Get Report and get in on the conversation with a free trial subscription to Action Alerts PLUS.

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To read a full recap of this episode of "Mad Money," click here.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in PEP, AVGO.