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Bulldoggin’ At Hill International

Bulldog Investors is looking to get Hill International sold. It is active with a 5.5% stake. Bulldog has put two directors up for the board and is looking to get rid of the company’s poison pill. Hill put in place the “pill” after an unsolicited offer from DC Capital. It was a sizable offer and yet Hill thinks it’s better off alone.

ISS backed Bulldog at the end of last month and there are more than a few overhangs that makes staying independent rather tough for Hill; including, its size. Trying to operate on a global scale isn’t easy - it had to write off a sizable receivable (about a fifth of its market cap) due to the Libyan revolution. Still It’s cheap, with a catalyst and everything is a buy at a certain price.

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