Hill International has held off an activist investor's push begun two months ago to boost the Philadelphia-based construction management and risk consultant's stock price through a possible sale. The company's shareholders voted on Aug. 7 to reject two new directors from the activist, Bulldog Investors, as well as its proposal to hire an investment banker to probe "liquidity" options.
The firm did agree to add two new independent directors to its seven-member board, with "appropriate candidates" to be identified over the next several months. "This was not the result of any agreement with Bulldog and these two new directors will not be from Bulldog or anyone they have recommended," says a Hill spokesman. "Bulldog lost the proxy fight and will have no say in how our board operates going forward."