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Diamond Management & Technology to repurchase up to 5 million shares
By Lisa Kerner
Charlotte, N.C., Feb. 11 - Diamond Management & Technology Consultants, Inc. will begin a modified Dutch auction tender offer for up to 5 million, or about 17%, of its common shares outstanding on Tuesday.
The company said the purchase price will be not greater than $6.00 per share or less than $5.25 per share for a maximum total purchase price of $30 million.
Diamond Management plans to finance the share repurchase using its existing cash and cash equivalents balance of some $65 million.
"The tender offer reflects our continued commitment to enhancing shareholder value and provides an attractive use of capital given Diamond's strong cash flow and current market valuation," president and chief executive officer Adam Gutstein stated in a company news release.
"We are very pleased that our cash balance allows us to return value to our shareholders while providing continued flexibility to pursue our growth initiatives."
Morgan Stanley is acting as dealer manager for the tender offer. BNY Mellon Shareowner Services (877 244-8810 or 201 680-6579) is the depository agent and information agent.
Diamond Management is a Chicago management and technology consulting firm.
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