Hill International in takeover fight

Hill International, the Philadelphia- (formerly Marlton-) based multinational constuction-management and insurance-claims consulting company, has "adjourned' its 2015 annual meeting so it can mount a campaign to block activist investor Bulldog Investors LLC from trying to win board seats and influence strategy, the company says. The meeting, scheduled for today, will "reconvene" Friday Aug. 7, 11 a.m., at Hill's new headquarters, 2001 Market St., 2d Floor, Philadelphia.

Hill acted after a Delaware Chancery Court judge agreed Bulldog should be able to nominate two candidates to run against management-backed candidates in this year's board election and to put other proposals before the board. "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," Hill CEO David L. Richter said in a statement. "We are confident that Hill's current strategic plan," growth and cost cuts will win over shareholders, "and that Bulldog's self-serving proxy fight will not benefit our stockholders in any way."

Earlier this year Hill rejected an unsolicted $5.50 a share takeover offer from DC Capital Partners, Alexandria, Va. DC principal Thomas Campbell has urged Hill to reconsider and said he's willing to negotiate over price.  Hill shares closed today at $5.31, down 4 cents.

Also, the Hill board has ended its stockholder-rights plan, which would have made it easier for Richter to resist a takeover attempt, after shareholders objected, according to Richter. Hill employs 4,800 in 100 offices around the world.