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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 reference:

Professional attention to shareholder views of HC2 management


For a report of the survey reported below, as provided to participating shareholders and to the company's management, see


Source: The Deal | Activist Weekly: September 30, 2019 article




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HC2 Holdings Inc.


unidentified shareholders

Shares Held (% of total)


Date of Activist Action

September 27, 2019

Activist Action

Shareholders of HC2 Holdings Inc., the publicly-traded successor to embattled hedge fund manager Philip Falcone's Harbinger Group, requisitioned a survey of the firm's investor base. The survey, conducted by Gary Lutin's The Shareholder Forum, and disclosed on Sept. 27 found that only 24% of shareholders polled had confidence in the current board and executives and that 68% of shareholders supported adding at least some new directors. Respondents who owned more than 100,000 shares showed a much stronger two-third level of support for replacing all or most board members.

Upcoming Date and Event

HC2's annual meting is likely to take place in June. The deadline to submit shareholder proposals is January 3.


Copyright © 2019 The Deal




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.

Inquiries may be sent to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

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.