Delaware Investments Dividend and Income Fund Inc., a closed-end investment management company, said Monday that shareholders had tendered about 5.75% of the company's stock in response to an offer that expired Friday to buy back up to 5% of the shares.
The fund is a unit of Delaware Investments, a diversified management company that had $120 billion of assets under management at March 31; it is an affiliate of Lincoln National Corp. in Philadelphia. It said its buyback would prorate purchases based on the number of shares properly tendered by each shareholder and the price would be equal to the fund's net asset value at the close of trading Monday.
The offer was to repurchase up to 579,434 shares of the fund's common stock. Payment for shares tendered and accepted is expected to be mailed to shareholders within about 10 business days after the expiration date.
Delaware Investments supplies investment services to individuals and to institutional investors such as private and public pension funds, foundations, and endowment funds through managed accounts and portfolios, mutual funds, retirement accounts, subadvised funds, education savings plans, and other investment products.
