Diamond Management acquires 9% of its common stock in tender offer

By Lisa Kerner

Charlotte, N.C., March 12 - Diamond Management & Technology Consultants, Inc. expects to acquire some 2.65 million shares of its common stock priced at $6.00 per share in the Dutch auction tender offer ended March 11.

The shares represent approximately 9% of the company's 29.7 million shares outstanding as of Feb. 29, a company news release stated.

Final results will be confirmed by BNY Mellon Shareowner Services, the depository agent. Mellon is also the information agent for the tender offer. Morgan Stanley acted as dealer manager.

On Feb. 11, Diamond Management announced it would begin a modified Dutch auction tender offer for up to 5 million, or about 17%, of its common shares outstanding.

The company said the purchase price would be no less than $5.25 per share and no greater than $6.00 per share for a maximum total purchase price of $30 million.

It was previously reported that Diamond Management planned to finance the share repurchase using its existing cash and cash equivalents balance of some $65 million.

Diamond Management is a Chicago management and technology consulting firm.

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