Bulldog Investors: Strategic Alternatives Are A Must

Bulldog Investors sends another letter to Hill International (HIL), pushing the company to form a committee to explore strategic alternatives. This comes as DC Capital made another (lower) offer to buy Hill for $4.75 a share. Bulldog doesn’t endorse the deal. Here’s the latest letter:
Please distribute this letter to each independent director of Hill.

As you know, on December 16, 2015, D.C. Capital Partners published a letter it sent to David Richter, Hill’s President and CEO, offering to purchase Hill on a fully diluted basis for $4.75 per share, a premium of 47% over the last closing price of $3.23 per share. Since then, Hill’s shares have risen more than 20%. We are not endorsing D.C. Capital’s latest offer. However, as a significant shareholder of Hill, we urge the board to establish a committee of independent directors (and engage independent counsel) to assess all strategic alternatives to maximize shareholder value for Hill. We look forward to an announcement that the board has done that.

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