Continuation Fund Provides Incremental Capital to Accelerate Growth and Support Future M&A New York, NY,…
TMNG Announces Successful Pricing of Secondary Offering of Common Stock
Overland Park, KS, August 2, 2000 – The Management Network Group, Inc. (Nasdaq: TMNG), a leading provider of management consulting services to the global telecommunications industry, today announced that it has priced a public offering of 3.0 million shares of its common stock at $22.875 per share.
Salomon Smith Barney, Chase H&Q and Lehman Brothers are the managing underwriters of the offering. Certain stockholders have granted the underwriters a 30 day option to purchase up to 450,000 shares of common stock to cover over-allotments, if any.
Approximately 1.8 million shares of the offering are being sold by Behrman Capital, accounting for 12.3% of their holdings, and 1.0 million shares are being sold by The Management Network Group. The remaining shares are being offered by certain other selling stockholders.
TMNG expects to use the net proceeds of this offering to enhance the Company’s European initiative, enhance its tool sets, support TMNG.com and for general corporate purposes, including working capital and potential acquisitions.
Prospectuses relating to these securities may be obtained by contacting Salomon Smith Barney, Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor Brooklyn, NY 11220 (TEL: 718-765-6732).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction
The Management Network Group, Inc. (TMNG) is a leading provider of strategy, management, operational and e-business consulting services to the global telecommunications industry. With over 400 consultants worldwide, TMNG serves communications service providers, technology companies and financial services firms. Since the company’s inception in 1990, TMNG has performed services for over 230 clients worldwide. The company is headquartered in Overland Park, KS, and has offices located in Chicago, Washington, D.C., Sacramento, San Francisco, New York, Toronto, London and Buenos Aires. TMNG can be reached at 1.888.480.TMNG (8664).