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Hill International Inc (HIL): Proxy Advisor ISS Sides With Bulldog Investors in Looming Proxy Fight

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Bulldog Investors, managed by Phillip Goldstein, Andrew Dakos and Steven Samuels, has won important backing from proxy advisory firm International Shareholder Services (ISS) as it attempts to have Goldstein (pictured) and Dakos elected to Hill International Inc (NYSE:HIL)’s board of directors through a proxy vote. Bulldog Investors, voted as one of the top ten activist hedge funds by Activist Insight in early 2014, has beneficial ownership of 2.79 million shares of Hill International according to a 13D filing on May 5, a 5.53% stake in the company. It reported no ownership in the company as of March 31.

Phillip Goldstein Bulldog Investors

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Phillip Goldstein, Andrew Dakos And Steven Samuels
Bulldog Investors

The May 5 filing by Bulldog Investors followed a flurry of activity on May 4, as private equity firm DC Capital Partners LLC (not to be confused with Douglas Dethy’s DC Capital Partners LP) sent a letter to Hill International Inc (NYSE:HIL) President and CEO David Richter, in which it proposed to buy the company for $5.50 per share and take it private. Also a shareholder of Hill International’s, DC Capital Partners LLC expressed satisfaction with how the construction management firm rebounded from the liquidity crisis it suffered in Libya, but also cautioned against the company’s overall exposure to the Middle East. The proposed purchase set a premium of 40.7% on Hill International’s shares at the time, though they shot up by 24% on May 4 on the news.

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