Diamond Management & Technology accepts 2.64 million shares for payment in tender offer

By Lisa Kerner

Charlotte, N.C., March 19 - Diamond Management & Technology Consultants, Inc. said a total of 2,644,494 shares, or 9%, of its common stock were tendered in the Dutch auction tender offer ended March 11.

The shares were accepted for payment at $6.00 per share, or a total of $15.9 million, according to a company news release.

Immediately following payment for the tendered shares, Diamond expects that approximately 27 million shares of its common stock will be issued and outstanding.

Morgan Stanley was the dealer manager for the offer. BNY Mellon Shareowner Services was the depository agent and information agent.

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 at a purchase price between $5.25 and $6.00 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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