FOR IMMEDIATE RELEASE
Contact: Tom Gariepy
215-255-1495
DELAWARE GROUP DIVIDEND AND INCOME FUND, INC.
ANNOUNCES RESULTS OF SELF-TENDER OFFER FOR 10% OF ITS SHARES
PHILADELPHIA, July 11, 2000 - Delaware Group Dividend
and Income Fund, Inc. (NYSE: DDF) announced today the final
results of its previously announced tender offer to purchase
for cash up to 1,430,700 shares of its common stock, par
value $0.01 per share, representing 10% of its issued and
outstanding shares of common stock. The tender offer
commenced on Thursday, June 1, 2000 and expired at 5:00 p.m.,
New York City time, on Thursday, June 29, 2000.
Based on a count by ChaseMellon Shareholders Services,
L.L.C., the depositary for the tender offer, approximately
2,143,949 shares of common stock were tendered and 1,430,700
shares have been accepted for purchase at a price equal to
$12.17, the Fund s net asset value per share as of 4:00 p.m.,
New York City time, on June 30, 2000. Since the tender offer
was oversubscribed, all tenders of shares are subject to
proration (at a ratio of approximately 0.667%) in accordance
with the terms of the tender offer.
Following the purchase of shares tendered, Delaware
Group Dividend and Income Fund, Inc. will have approximately
12,876,300 shares of common stock outstanding.
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Delaware Group Dividend and Income Fund, Inc., which
commenced operations in March 1993, is a closed-end fund with
a portfolio that typically consists of two-thirds income-
generating equities, including common stocks and convertible
securities, and one-third high-yield, high risk corporate
bonds. The Fund is a total return vehicle whose primary
objective is to seek high current income. Capital
appreciation is a secondary objective. Designed to pay
monthly dividends, the Fund will normally maintain at least
65% of its assets in income-generating equities, with a
maximum of 35% of assets invested in non-convertible
corporate bonds.
Delaware Group Dividend and Income Fund, Inc. is advised
by Delaware Management Company, a series of Delaware
Management Business Trust. As of June 30, 2000, Delaware
Management Business Trust managed approximately $28 billion
in mutual funds and institutional accounts.
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