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| Arpeggio Acquisition completes merger with Hill International Arpeggio Acquisition Corporation, a specified purpose acquisition company, and Hill International, Inc., the worldwide construction consulting firm, have announced that Arpeggio's stockholders earlier approved, and the companies have completed, the merger of Hill with and into Arpeggio. At closing, Arpeggio changed its name to "Hill International, Inc." In connection with the merger, the previous stockholders of Hill were issued 14.5 million shares of Arpeggio common stock, 1.74 million of which will be held in escrow to secure Hill's representations and warranties under the merger agreement. The company now has 22.8 million shares and 13.6 million warrants outstanding. The merger also provides for the previous Hill stockholders to receive up to an additional 6.6 million shares of common stock contingent upon the company attaining certain EBIT targets over the next four years. The vast majority of the shares issued in the merger may not be sold or otherwise transferred until December 31, 2007, subject to certain exceptions. write your comments about the article :: © 2006 Construction News :: home page |