0001104659-07-003786.txt : 20070123 0001104659-07-003786.hdr.sgml : 20070123 20070123060248 ACCESSION NUMBER: 0001104659-07-003786 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20070123 DATE AS OF CHANGE: 20070123 GROUP MEMBERS: PERSHING SQUARE GP, LLC GROUP MEMBERS: PS MANAGEMENT GP, LLC GROUP MEMBERS: WILLIAM A ACKMAN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CERIDIAN CORP /DE/ CENTRAL INDEX KEY: 0001124887 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 411981625 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-61527 FILM NUMBER: 07544598 BUSINESS ADDRESS: STREET 1: 3311 E OLD SHAKOPEE RD CITY: MINNEAPOLIS STATE: MN ZIP: 55425 BUSINESS PHONE: 9528538100 MAIL ADDRESS: STREET 1: 3311 EAST OLD SHAKOPEE RD CITY: MINNEAPOLIS STATE: MN ZIP: 55425 FORMER COMPANY: FORMER CONFORMED NAME: NEW CERIDIAN CORP DATE OF NAME CHANGE: 20000927 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pershing Square Capital Management, L.P. CENTRAL INDEX KEY: 0001336528 IRS NUMBER: 383694136 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-813-3700 MAIL ADDRESS: STREET 1: 888 SEVENTH AVENUE STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SC 13D/A 1 a07-2321_1sc13da.htm AMENDMENT

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0145
	Washington, D.C. 20549	Expires: February 28, 2009
	SCHEDULE 13D	Estimated average burden hours per response. . 14.5

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Ceridian Corporation

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

156779100

(CUSIP Number)

Roy J. Katzovicz
Pershing Square Capital Management, L.P.
888 Seventh Avenue, 29th Floor
New York, NY 10019
212-813-3700

with a copy to:

Alan J. Sinsheimer

Sullivan & Cromwell LLP

125 Broad Street

New York, NY 10004-2498

212-558-4000

and

Janet T. Geldzahler

Sullivan & Cromwell LLP

1701 Pennsylvania Avenue, N.W.

Washington, D.C. 20006-5805

202-956-7500

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

January 23, 2007

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: o

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See ss. 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 156779100

	1.	Name of Reporting Person. I.R.S. Identification No. of above person (entities only) Pershing Square Capital Management, L.P.

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			x

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power -0-

			8.	Shared Voting Power 15,724,334

			9.	Sole Dispositive Power -0-

			10.	Shared Dispositive Power 15,724,334

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 15,724,334

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 11.3%1

	14.	Type of Reporting Person (See Instructions) IA

1 Calculated based on 139,124,108 shares of the common stock, par value $0.01, of Ceridian Corporation outstanding as of October 31, 2006, as reported in Ceridian Corporation’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2006.

CUSIP No. 156779100

	1.	Name of Reporting Person. I.R.S. Identification No. of above person (entities only) PS Management GP, LLC

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			x

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power -0-

			8.	Shared Voting Power 15,724,334

			9.	Sole Dispositive Power -0-

			10.	Shared Dispositive Power 15,724,334

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 15,724,334

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 11.3%2

	14.	Type of Reporting Person (See Instructions) OO

2 Calculated based on 139,124,108 shares of the common stock, par value $0.01, of Ceridian Corporation outstanding as of October 31, 2006, as reported in Ceridian Corporation’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2006.

CUSIP No. 156779100

	1.	Name of Reporting Person. I.R.S. Identification No. of above person (entities only) Pershing Square GP, LLC

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			x

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization Delaware

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power -0-

			8.	Shared Voting Power 15,724,334

			9.	Sole Dispositive Power -0-

			10.	Shared Dispositive Power 15,724,334

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 15,724,334

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 11.3%3

	14.	Type of Reporting Person (See Instructions) IA

3 Calculated based on 139,124,108 shares of the common stock, par value $0.01, of Ceridian Corporation outstanding as of October 31, 2006, as reported in Ceridian Corporation’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2006.

CUSIP No. 156779100

	1.	Name of Reporting Person. I.R.S. Identification No. of above person (entities only) William A. Ackman

	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			o
		(b)			x

	3.	SEC Use Only

	4.	Source of Funds (See Instructions) OO

	5.	Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

	6.	Citizenship or Place of Organization United States

Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power -0-

			8.	Shared Voting Power 15,724,334

			9.	Sole Dispositive Power -0-

			10.	Shared Dispositive Power 15,724,334

	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 15,724,334

	12.	Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) o

	13.	Percent of Class Represented by Amount in Row (11) 11.3%3

	14.	Type of Reporting Person (See Instructions) IN

4 Calculated based on 139,124,108 shares of the common stock, par value $0.01, of Ceridian Corporation outstanding as of October 31, 2006, as reported in Ceridian Corporation’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2006.

Item 1. Security and Issuer.

This amendment No. 1 amends and supplements the statement on Schedule 13D (the “Original Schedule 13D’’), filed on January 18, 2007 by Pershing Square Capital Management, L.P., a Delaware limited partnership (“Pershing Square”), PS Management GP, LLC, a Delaware limited liability company, Pershing Square GP, LLC, a Delaware limited liability company, and William A. Ackman, a citizen of the United States of America (collectively, the “Reporting Persons”), relating to the common stock, par value $0.01 per share, of Ceridian Corporation, a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 3311 East Old Shakopee Road, Minneapolis, Minnesota 55425.

Item 4. Purpose of Transaction.

Item 4 is hereby supplemented as follows:

On January 23, 2007, representatives of Pershing Square, L.P., a Delaware limited partnership, Pershing Square II, L.P., a Delaware limited partnership, and Pershing Square International, Ltd., a Cayman Islands exempted company (collectively, the “Stockholders”), which are investment funds affiliated with the Reporting Persons, delivered a notice (the “Notice”) to Mr. Gary M. Nelson, the Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary of the Issuer, in accordance with Article II, Section 13 of the Bylaws of the Issuer. In the Notice, the Stockholders notify the Issuer that the Stockholders propose to nominate the following persons for election to the Issuer’s Board of Directors at the Issuer’s 2007 annual meeting of stockholders: William A. Ackman, Michael L. Ashner, John D. Barfitt, Harald Einsmann, Robert J. Levenson, Michael E. Porter, Gregory A. Pratt and Alan Schwartz (collectively, the “Nominees’’). The biographical information on each of the Nominees is available in the additional definitive proxy soliciting materials filed by the Stockholders with the Securities and Exchange Commission on January 23, 2007.

Item 5. Interest in Securities of the Issuer.

Item 5(c) is hereby amended and restated in its entirety as follows:

(c) See trading data attached hereto as Exhibit 99.1. Exhibit 99.1 is incorporated by reference into this Item 5(c) as if restated in full.

Except as set forth in Exhibit 99.1 attached hereto, within the last 60 days, no other transactions in shares of the Common Stock were effected by any Reporting Person.

Item 7. Material to be Filed as Exhibits.

Item 7 is hereby supplemented by adding the following exhibit:

Exhibit 99.1

Required trading data of the transactions in the Common Stock.

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated: January 23, 2007

	PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
	By: PS Management GP, LLC,
	its General Partner

	By:	/s/ William A. Ackman
		William A. Ackman
		Managing Member

	PS MANAGEMENT GP, LLC

	By:	/s/ William A. Ackman
		William A. Ackman
		Managing Member

	PERSHING SQUARE GP, LLC

	By:	/s/ William A. Ackman

		William A. Ackman
		Managing Member


	/s/ William A. Ackman
	WILLIAM A. ACKMAN

EXHIBIT INDEX

Exhibit			Description
99.1		Required trading data of the transactions in the Common Stock.

EX-99.1 2 a07-2321_1ex99d1.htm EX-99.1

EXHIBIT 99.1

TRAN CODE	SECURITY	TRADE DATE	SETTLE DATE	QUANTITY			UNIT COST		TRADE AMOUNT

PERSHING SQUARE INTERNATIONAL, LTD.

BUY	CERIDIAN CORPORATION	11/20/2006	11/24/2006		56,133		$	24.75	$	1,389,011
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		11,736		$	24.76	$	290,582
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		13,985		$	24.71	$	345,499
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		93,330		$	24.43	$	2,280,192
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		14,073		$	24.44	$	343,944
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		14,636		$	24.44	$	357,704
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		50,703		$	24.29	$	1,231,708
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		18,069		$	24.26	$	438,264
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		42,218		$	24.30	$	1,026,108
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		44,153		$	24.55	$	1,084,124
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		14,073		$	24.22	$	340,848
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		111,918		$	24.37	$	2,726,994
BUY	CERIDIAN CORPORATION	11/30/2006	12/5/2006		132,723		$	24.45	$	3,245,250
SELL*	CERIDIAN CORPORATION	12/1/2006	12/5/2006		(146,425	)	$	24.51	$	3,588,877
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		13,667		$	24.57	$	335,798
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		115,336		$	24.56	$	2,832,998
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		13,667		$	24.94	$	340,855
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		1,476		$	24.62	$	36,337
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		42,611		$	24.82	$	1,057,520
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		104,520		$	25.19	$	2,632,671
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		27,347		$	25.08	$	685,931
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		37,928		$	25.38	$	962,506
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		109,304		$	25.45	$	2,782,202
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		127,831		$	25.50	$	3,529,716
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		41,005		$	25.57	$	1,048,428
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		142,150		$	25.58	$	3,636,126
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		1,312		$	25.40	$	33,325
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		116,799		$	25.55	$	2,983,759
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		27,312		$	25.75	$	703,216
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		224,399		$	25.73	$	5,774,011
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		177,807		$	25.78	$	4,583,936
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		142,246		$	25.79	$	3,669,236
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		73,139		$	25.74	$	1,882,408
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		54,694		$	25.78	$	1,409,875
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		120,545		$	25.83	$	3,113,448
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		2,680		$	25.83	$	69,226
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		43,257		$	26.21	$	1,133,788
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		27,333		$	26.21	$	716,330
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		109,332		$	26.21	$	2,865,384
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		2,845		$	26.19	$	74,500
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		32,490		$	26.37	$	856,755
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		27,349		$	26.24	$	717,638
BUY*	CERIDIAN CORPORATION	1/1/2007	1/4/2007		142,447		$	27.98	$	3,985,667

* For portfolio rebalancing purposes, this transaction represents a purchase or sale among one or more Pershing Square funds.

TRAN CODE	SECURITY	TRADE DATE	SETTLE DATE	QUANTITY			UNIT COST		TRADE AMOUNT

PERSHING SQUARE, L.P.

BUY	CERIDIAN CORPORATION	11/20/2006	11/24/2006		15,250		$	24.60	$	375,222
BUY	CERIDIAN CORPORATION	11/20/2006	11/24/2006		42,954		$	24.74	$	1,062,897
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		10,762		$	24.70	$	265,875
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		36,232		$	24.76	$	897,101
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		115,670		$	24.43	$	2,825,992
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		10,927		$	24.44	$	267,056
BUY	CERIDIAN CORPORATION	11/27/2006	11/30/2006		11,364		$	24.44	$	277,736
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		39,371		$	24.29	$	956,424
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		14,031		$	24.26	$	340,322
BUY	CERIDIAN CORPORATION	11/28/2006	12/1/2006		32,782		$	24.30	$	796,767
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		34,284		$	24.55	$	841,802
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		10,927		$	24.22	$	264,652
BUY	CERIDIAN CORPORATION	11/29/2006	12/4/2006		86,904		$	24.37	$	2,117,503
BUY	CERIDIAN CORPORATION	11/30/2006	12/5/2006		80,000		$	24.45	$	1,956,104
BUY*	CERIDIAN CORPORATION	12/1/2006	12/5/2006		146,134		$	24.51	$	3,581,744
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		11,100		$	24.57	$	272,727
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		93,674		$	24.56	$	2,300,914
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		11,100		$	24.94	$	276,834
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		1,199		$	24.62	$	29,518
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		34,608		$	24.82	$	858,901
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		84,799		$	25.19	$	2,135,934
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		22,187		$	25.08	$	556,505
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		30,823		$	25.38	$	782,201
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		88,827		$	25.45	$	2,260,985
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		103,883		$	25.50	$	2,649,037
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		33,295		$	25.57	$	851,297
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		115,422		$	25.58	$	2,952,437
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		1,066		$	25.40	$	27,076
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		94,932		$	25.55	$	2,425,142
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		22,221		$	25.75	$	572,135
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		182,564		$	25.73	$	4,697,554
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		144,165		$	25.78	$	3,716,631
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		115,332		$	25.79	$	2,974,989
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		59,339		$	25.74	$	1,527,232
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		44,374		$	25.78	$	1,143,851
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		97,800		$	25.83	$	2,525,988
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		2,174		$	25.83	$	56,156
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		35,136		$	26.21	$	920,932
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		22,201		$	26.21	$	581,833
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		88,804		$	26.21	$	2,327,384
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		2,307		$	26.19	$	60,412
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		26,357		$	26.37	$	695,029
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		22,186		$	26.24	$	582,161
SELL*	CERIDIAN CORPORATION	1/1/2007	1/4/2007		(82,031	)	$	27.98	$	(2,295,227	)

* For portfolio rebalancing purposes, this transaction represents a purchase or sale among one or more Pershing Square funds.

TRAN CODE	SECURITY	TRADE DATE	SETTLE DATE	QUANTITY			UNIT COST		TRADE AMOUNT

PERSHING SQUARE II, L.P.

BUY	CERIDIAN CORPORATION	11/20/2006	11/24/2006		850		$	24.60	$	20,914
BUY	CERIDIAN CORPORATION	11/20/2006	11/24/2006		913		$	24.75	$	22,592
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		253		$	24.70	$	6,250
BUY	CERIDIAN CORPORATION	11/21/2006	11/27/2006		11,632		$	24.76	$	288,007
BUY*	CERIDIAN CORPORATION	12/1/2006	12/5/2006		291		$	24.51	$	7,132
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		233		$	24.57	$	5,725
BUY	CERIDIAN CORPORATION	12/1/2006	12/6/2006		1,969		$	24.56	$	48,365
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		233		$	24.94	$	5,811
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		25		$	24.60	$	615
BUY	CERIDIAN CORPORATION	12/4/2006	12/6/2006		728		$	24.82	$	18,067
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		1,781		$	25.19	$	44,860
BUY	CERIDIAN CORPORATION	12/5/2006	12/8/2006		466		$	25.08	$	11,688
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		649		$	25.38	$	16,470
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		1,869		$	25.45	$	47,573
BUY	CERIDIAN CORPORATION	12/6/2006	12/11/2006		2,186		$	25.50	$	55,743
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		700		$	25.57	$	17,898
BUY	CERIDIAN CORPORATION	12/7/2006	12/12/2006		2,428		$	25.58	$	62,107
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		22		$	25.40	$	559
BUY	CERIDIAN CORPORATION	12/8/2006	12/13/2006		1,997		$	25.55	$	51,016
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		467		$	25.75	$	12,024
BUY	CERIDIAN CORPORATION	12/11/2006	12/14/2006		3,837		$	25.73	$	98,730
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		3,028		$	25.78	$	78,063
BUY	CERIDIAN CORPORATION	12/12/2006	12/15/2006		2,422		$	25.79	$	62,475
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		1,247		$	25.74	$	32,095
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		932		$	25.78	$	24,025
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		2,055		$	25.83	$	53,077
BUY	CERIDIAN CORPORATION	12/13/2006	12/18/2006		46		$	25.83	$	1,188
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		738		$	26.21	$	19,343
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		466		$	26.21	$	12,213
BUY	CERIDIAN CORPORATION	12/14/2006	12/19/2006		1,864		$	26.21	$	48,852
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		48		$	26.19	$	1,257
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		553		$	26.37	$	14,582
BUY	CERIDIAN CORPORATION	12/18/2006	12/21/2006		465		$	26.24	$	12,202
SELL*	CERIDIAN CORPORATION	1/1/2007	1/4/2007		(60,416	)	$	27.98	$	(1,690,439	)

* For portfolio rebalancing purposes, this transaction represents a purchase or sale among one or more Pershing Square funds.

Under the Securities Exchange Act of 1934 (Amendment No. 1)*

Item 1. Security and Issuer.

Item 4. Purpose of Transaction.

Under the Securities Exchange Act of 1934
(Amendment No. 1)*