UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 3, 2017
HILL INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
| 000-33961 |
| 20-0953973 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
One Commerce Square |
| 19103 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (215) 309-7700
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 1.01 Entry into a Material Definitive Agreement.
On May 3, 2017, Hill International, Inc. (the “Company”) and its subsidiary Hill International N.V. (“Hill N.V.” and, collectively with the Company, the “Sellers”) entered into an Amendment (the “Amendment”) to the Stock Purchase Agreement (the “Agreement”) with Liberty Mergeco, Inc. (the “US Purchaser”) and Liberty Bidco UK Limited (the “UK Purchaser” and, collectively with the US Purchaser, the “Purchasers”) relating to the sale of the Company’s Construction Claims Group (“CCG”).
The Amendment provides for, among other things, a closing date of May 5, 2017, a reduction in the purchase price of $7.0 million, from $147.0 million to $140.0 million in cash, and an increase of $3.0 million in the working capital that the Company must deliver to Bridgepoint, from $35.4 million to $38.4 million.
The Amendment further provides for additional special indemnities in favor of the Purchasers relating to certain potential CCG liabilities.
The foregoing is a summary of the material terms of the Amendment. The summary does not purport to be a complete description of the Amendment and is qualified in its entirety by reference to the Amendment, a copy of which is attached as Exhibit 2.1 and incorporated herein by reference in its entirety.
A copy of the Company’s press release regarding these events is filed as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
| Description |
2.1 |
| Amendment to Stock Purchase agreement, dated May 3, 2017, among Hill International, Inc., Hill International N.V., Liberty Mergeco, Inc. and Liberty Bidco UK Limited.. |
99.1 |
| Press Release regarding Amendment to Stock Purchase Agreement, dated May 3, 2017. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HILL INTERNATIONAL, INC. | |
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| By: | /s/ William H. Dengler, Jr. |
| Name: | William H. Dengler, Jr. |
Dated: May 4, 2017 | Title: | Executive Vice President and General Counsel |