SADDLE BROOK, N.J.--(BUSINESS WIRE)--Bulldog Investors, LLC (“Bulldog”) announced today that Institutional Shareholder Services (“ISS”), the nation’s leading independent proxy advisory firm, has affirmed its original recommendation that stockholders of Hill International, Inc. (NYSE:HIL) should vote to (1) elect Phillip Goldstein and Andrew Dakos, Bulldog’s nominees, to Hill’s board of directors, (2) engage an advisor to explore options to maximize shareholder value, and (3) rescind Hill’s poison pill in the event of a cash tender offer.
In a Proxy Alert issued on July 21, 2015, ISS stated that “the board's failure to address Hill's pay for-performance disconnect - a key factor underpinning our vote recommendation on the proxy contest -suggests that responsiveness to shareholder concerns remains inadequate” and that due to a “lack of compelling evidence…that the board's recent initiatives will reverse the company's prolonged underperformance, there are no changes to our original recommendations [to vote for Bulldog’s nominees and proposals on its GREEN proxy card].” (*)
To follow ISS’ recommendations, stockholders of Hill must submit Bulldog’s GREEN proxy card. A stockholder that has already voted on management's proxy card (even to vote against the board's nominees), must submit a subsequent GREEN proxy card to vote in favor of Bulldog’s nominees.
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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
(*) Permission to use quotations was neither sought nor obtained from ISS.