PHILADELPHIA, June 9, 2015 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced that it has adjourned its 2015 Annual Stockholders Meeting. The delay is necessary so that Hill can submit proxy materials and conduct a proxy campaign in response to activist stockholder Bulldog Investors, LLC. Hill's Annual Meeting will reconvene on Friday, August 7, 2015, at 11:00 a.m. Eastern Time, at Two Commerce Square, 2001 Market Street, 2nd Floor, Philadelphia, Pennsylvania.
Hill had earlier determined that Bulldog's notices to the company were untimely and improper and failed to comply with the company's Bylaws related to such matters. Bulldog subsequently filed a complaint against Hill seeking to overturn the company's determination and delay the Annual Meeting so that it could conduct a proxy contest. In a ruling made last week, the Delaware Chancery Court held that one of Bulldog's two notices was timely and has permitted Bulldog to submit two advisory stockholder proposals for consideration and nominate two of its principals for election to Hill's board at this year's Annual Meeting.
"While we will be appealing the Chancery Court's decision, we nevertheless will also be progressing with a proxy campaign over the next two months," said David L. Richter, Hill's President and Chief Executive Officer. "We are confident that Hill's current strategic plan combined with our strong growth outlook and aggressive cost optimization program will deliver both near- and long-term value to our stockholders, and that Bulldog's self-serving proxy fight will not benefit our stockholders in any way," added Richter.
In addition, Hill's board of directors today terminated the stockholder rights plan that it had adopted early last month.
"We had conversations with numerous stockholders over the past month and their opinions of the rights plan were generally negative," said Richter. "We listen closely to our stockholders and our board felt that the benefits of the rights plan were outweighed by the concerns of our stockholders," added Richter.
Hill International, with 4,800 professionals in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the ninth largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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Source:Hill International, Inc.