Diamond OKs Stock Repurchase Plan
11:30 AM EST Tue. Nov. 21, 2000
From the November 21, 2000 issue of VARBusiness
Diamond Technology Partners' board of directors this week authorized a stock repurchase program of up to 1 million shares of outstanding common stock.
"The Board of Directors and the company believe the current market price of Diamond's stock does not reflect the company's success to date and the current and long-term value of the stock," said Mel Bergstein, chairman and CEO of the firm in a statement.
Diamond has repurchased nearly 770,000 of the 1 million shares previously authorized for repurchase in October 1998. The company intends to fund the repurchases through its cash balances.
Diamond's stock was trading at just over $33 a share by late Tuesday morning, down about 56 cents from its opening price.
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