shares jumped 8% Tuesday after the company said it is evaluating strategic alternatives.
The human resources and data processing outfit hired Greenhill & Co. to help it explore strategic alternatives to enhance shareholder value. The move comes amid a shareholder campaign led by hedge fund manager Bill Ackman to unseat the company's board.
"Our board is committed to taking all appropriate and necessary action to enhance value for all Ceridian stockholders," the company said
Separately, Cerdian posted fourth-quarter earnings of $49.6 million, or 35 cents a share, up from $46.7 million, or 32 cents a share, a year earlier. Revenue rose to $404 million from $379.5 million.
Analysts polled by Thomson First Call expected earnings of 33 cents a share on revenue of $409.5 million.
For 2007, Ceridian forecast earnings of $1.25 to $1.35 a share, before any one-time items, on revenue of $1.65 billion to $1.7 billion. Analysts project earnings of $1.29 a share and revenue of $1.7 billion.
Shares of Ceridian recently were up $2.48 to $33.20.