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The Shareholder Forumtm

support for fair value realization

of stock investments in

DBM Global Incorporated

(f/k/a Schuff International Inc.)



Support of Minority Shareholder Interests

The Shareholder Forum had offered to support Appraised Value Rights ("AVR") of DBM (f/k/a Schuff International) minority shareholders in 2014 following a $31.50 per share tender offer by the company's controlling shareholder, HC2 Holdings, Inc., with the stated intent to proceed with a short-form merger "as soon as practicable.”

HC2 acquired DBM shares in the 2014 tender offer and other purchases bringing its total holdings to 92% of outstanding DBM shares, but has not proceeded with a merger. The Forum has continued to support the minority shareholder interests of its AVR participants in this context.




Forum distribution:

Professional fund manager view of investor interests in buyout


For an earlier article and references to SEC reports, see


Source: FINalternatives, November 4, 2014 article

Falcone Set To Buy Out Steel Co. Shareholders

Nov 4 2014 | 4:12am ET

Philip Falcone’s bid to buy out minority shareholders of Schuff International may have been controversial, but it has proven successful.

Falcone’s HC2 Holdings vehicle said yesterday that it had boosted its stake in the steel-fabricator over 90%, allowing him to force its remaining shareholders to sell their shares to him.

“We intend to executive a short-form merger as soon as practicable,” HC2 said. “Such a short-form merger will increase our ownership of Schuff shares to 100%.”

HC2 paid Schuff’s controlling family $31.50 per share for a 65% stake in the company in May. Share prices subsequently rose for the profitable business, but HC2’s price did not. Some accused Falcone of abusing lax disclosure rules for over-the-counter shares in his tender offer for the company.

Some Schuff shareholders plan to ask a court to value their shares, alleging that HC2 paid as much as $34 per share to get its stake above 90%.




The project supporting investor interests in DBM Global Incorporated (f/k/a Schuff International, Inc.) is being conducted by the Shareholder Forum for the benefit of Participants that have reserved Appraised Value Rights ("AVR") Management, subject to conditions including standard Forum policies that each Participant is expected to make independent use of information obtained through the Forum and that participation is considered private unless the Participant specifically authorizes identification.

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Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.