Diamond Management & Technology Consultants, Inc. (DTPI) announced that it will buy back 9 percent, or 2.7 million shares, of its own stock for $6 per share, or a total of $15.9 million. The buyback is a result of the management and technology consulting firm’s Dutch auction that was announced last month and expired on March 11.

Diamond’s Dutch auction began on February 12, 2008 and lasted for 20 business days. The company plans to finance the repurchase from its existing cash and cash equivalents balance, which was approximately $65 million as of December 31, 2007.

Morgan Stanley served as dealer manager for the tender offer, and BNY Mellon Shareowner Services served as the depository and information agent.

During a Dutch auction share repurchase, a company offers a specific price range within which it will repurchase its shares. The purchase price is the lowest price that allows the firm to buy the number of shares sought. The firm then pays that price to all investors who tendered at or below that price.

Diamond, which is headquartered in Chicago, consults clients all over the world in such industries as consumer packaged goods, financial services, logistics, manufacturing, retail and distribution, telecommunications, healthcare, insurance, and public sector organizations. The company, which boasts more than 600 employees worldwide, says it delivers three critical elements to every project: fact-based objectivity, spirited collaboration, and sustainable results.

Shares of Diamond were down 8.3 percent, or 51 cents, to $5.61 during midday trading Thursday.

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