Bulldog investors’ proxy contest for hill international results in
corporate governance reforms
Saddle brook, n.j.--(business wire)--bulldog investors, llc (“bulldog”) announced today that hill international inc. (“hill”; nyse: hil) has adopted significant corporate governance reforms in response to bulldog’s proxy contest. first, immediately after bulldog won a lawsuit to protect the right of hill’s shareholders to vote on a proposal to terminate its poison pill in the event of a cash tender offer, the board of directors rescinded the poison pill. then, at hill’s annual meeting on august 7, 2015, bulldog’s proposal was overwhelmingly approved by shareholders. lastly, the board has agreed to add two independent directors that will be identified by major public shareholders. andrew dakos, a principal of bulldog investors, commented: “we are pleased to have achieved these significant benefits for hill’s shareholders. our position has always been that change at hill is needed and these reforms are a good start. now, it is time for management to deliver on its promise to increase shareholder value after years of underperformance.” bulldog investors has conducted over 40 proxy campaigns to enhance shareholder value since its inception in 1992. about bulldog investors bulldog investors is an sec-registered investment adviser that manages the bulldog investors group of private funds, special opportunities fund, inc. (nyse:spe), a closed-end registered investment company, and the accounts of certain high net worth individuals and institutions. www.bulldoginvestors.com
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