First Eagle to Acquire Diamond Hill for $175 per Share

Diamond Hill Investment Group, Inc. and First Eagle Investments announced that they have entered into a definitive agreement under which First Eagle will acquire all outstanding shares of Diamond Hill for $175 per share in an all-cash transaction valuing the company at approximately $473M. The purchase price represents a 49% premium over Diamond Hill's closing share price of $117.48 on December 10 and a 44% premium over the company's 30-day volume-weighted average price. Following the close of the transaction, Diamond Hill will maintain its headquarters in Columbus and operate under its existing brand, with no changes to its investment philosophy or process. The transaction, which was unanimously approved by the board of directors of Diamond Hill, is expected to close by the third quarter of 2026, subject to the satisfaction of customary closing conditions, including approval by Diamond Hill's common shareholders, mutual fund shareholder-related approvals, and regulatory approvals. The transaction has no financing contingencies. As part of the agreement, Diamond Hill will not pay quarterly dividends through closing. Upon completion of the transaction, Diamond Hill shares will no longer trade on Nasdaq. The definitive agreement includes a "go-shop" period. Under the terms of the merger agreement, Diamond Hill may, subject to certain terms and conditions, solicit alternative proposals to acquire Diamond Hill from third parties for a period of 35 days continuing through January 14, 2026.