<SEC-DOCUMENT>0000950103-25-016038.txt : 20251211
<SEC-HEADER>0000950103-25-016038.hdr.sgml : 20251211
<ACCEPTANCE-DATETIME>20251211172333
ACCESSION NUMBER:		0000950103-25-016038
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251211
DATE AS OF CHANGE:		20251211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAMOND HILL INVESTMENT GROUP INC
		CENTRAL INDEX KEY:			0000909108
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				650190407
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24498
		FILM NUMBER:		251565853

	BUSINESS ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215
		BUSINESS PHONE:		6142553333

	MAIL ADDRESS:	
		STREET 1:		325 JOHN H MCCONNELL BLVD
		STREET 2:		SUITE 200
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43215

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANC STOCK GROUP INC
		DATE OF NAME CHANGE:	19971016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND GROUP OF COMPANIES INC
		DATE OF NAME CHANGE:	19940301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEARTLAND FINANCIAL GROUP INC
		DATE OF NAME CHANGE:	19930714
</SEC-HEADER>
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp238636_defa14a-key.htm
<DESCRIPTION>FORM DEFA14A
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Filed by Diamond Hill Investment Group, Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Commission File No.: 000-24498</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Pursuant to Rule 14a-12</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">The following email was sent by Heather Brilliant, Chief Executive Officer of Diamond Hill Investment Group, Inc. (&ldquo;DHIL&rdquo;),
to certain of DHIL's clients on December 11, 2025 in connection with the proposed acquisition of DHIL by First Eagle Investment Management,
LLC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">From: [Client-facing teammate]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">To: [Key client]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Subject: Important News: Diamond Hill to be Acquired by First Eagle
Investments</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Good morning [NAME],</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">You may have seen news this morning about Diamond Hill&rsquo;s agreement
to join First Eagle, and I wanted to make sure you heard from me personally. Diamond Hill will be sending a broader communication shortly
with more detail on timing, rationale, and what this means for clients, but I&rsquo;m happy to connect today or in the coming days if
you&rsquo;d like to walk through any of it.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Importantly, our investment-driven culture, client focus, and relationship
with you are not changing. We remain committed to the same philosophy and process you&rsquo;ve hired us for, and we&rsquo;re excited about
how this combination with First Eagle will further strengthen our ability to serve you over the long term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We will also hold a client call on Wednesday, December 17 hosted by
Heather Brilliant, Austin Hawley, and Henry Song to discuss this news in more detail and answer your questions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Conference call details:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Date:</B> Wednesday, December 17, 2025<BR>
<B>Time:</B> 2 PM ET<BR>
<FONT STYLE="color: rgb(47,132,209)"><B><U>Register now</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please let me know when you might be open to catching up, and we can
schedule a conversation at your convenience.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Best,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">[NAME]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication, the documents incorporated herein by reference and
statements, whether oral or written, made from time to time by representatives of Diamond Hill Investment Group, Inc. (&ldquo;Diamond
Hill&rdquo;), may contain or incorporate &ldquo;forward-looking statements&rdquo; within the meaning of federal securities laws. Forward-looking
statements include, but are not limited to, statements regarding anticipated operating results, prospects and levels of assets under management,
technological developments, economic trends (including interest rates and market volatility), expected transactions and similar matters.
These forward-looking statements may include, without limitation, any statements preceded by, followed by or including words such as &ldquo;may,&rdquo;
&ldquo;could,&rdquo; &ldquo;can have,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;target,&rdquo; &ldquo;goal,&rdquo; &ldquo;project,&rdquo; &ldquo;assume,&rdquo; &ldquo;budget,&rdquo; &ldquo;potential,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;guidance,&rdquo; &ldquo;forecast,&rdquo; &ldquo;outlook,&rdquo; &ldquo;would,&rdquo; &ldquo;will,&rdquo;
&ldquo;continue,&rdquo; &ldquo;likely,&rdquo; &ldquo;should,&rdquo; &ldquo;hope,&rdquo; &ldquo;seek,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo;
and variations of such words and similar expressions. Similarly, descriptions of the Company&rsquo;s objectives, strategies, plans, goals,
or targets are also forward-looking statements. Such forward-looking statements include but are not limited to statements about the proposed
transaction between Diamond Hill and First Eagle Investment Management, LLC (&ldquo;First Eagle&rdquo;) (the &ldquo;Transaction&rdquo;),
including the expected timetable for completing the Transaction and statements that are not historical facts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Forward-looking statements are based on the Company&rsquo;s expectations
at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties
and other factors. While the Company believes that the assumptions underlying its forward-looking statements are reasonable, investors
are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, the Company's actual results and experiences
may differ materially from the anticipated results or other expectations expressed in its forward-looking statements. Factors that may
cause the Company&rsquo;s actual results or experiences to differ materially from results discussed in forward-looking statements include,
but are not limited to the factors discussed in the section entitled &ldquo;Risk Factors&rdquo; in the Company&rsquo;s Annual Report on
Form 10-K for the fiscal year ended December 31, 2024, and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025,
June 30, 2025 and September 30, 2025, each as filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;), and any factors discussed
in the section entitled &ldquo;Risk Factors&rdquo; in any of our subsequently filed SEC filings, and the following: (i) the occurrence
of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive
transaction agreement between the Company and First Eagle, including in circumstances requiring the Company to pay a termination fee;
(ii) potential litigation relating to the Transaction that could be instituted against the parties to the definitive transaction agreement
or their respective directors or officers, including the effects of any outcomes related thereto; (iii) the possibility that the Transaction
does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are
not received or satisfied on a timely basis or at all; (iv) reputational risk and potential adverse reactions of clients, employees or
other business partners and the businesses generally, including those resulting from the announcement of the Transaction, including any
resulting reduction in the Company&rsquo;s AUM or AUA and the withdrawal, renegotiation or termination of any investment advisory agreements;
(v) the risk that any announcements relating to the Transaction could have adverse effects on the market price of the Company&rsquo;s
common stock; (vi) significant transaction costs associated with the Transaction; and (vii) the diversion of management&rsquo;s attention
and time from ongoing business operations and opportunities on Transaction-related matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Forward-looking statements attributable to the Company or any person
acting on its behalf are expressly qualified in their entirety by the cautionary statements above and in the Company&rsquo;s other public
documents on file with the SEC. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial
may become material, and it is impossible for the Company to predict these events or how they may affect it. The Company undertakes no
obligation to update any forward-looking statements after the date they are made, whether as a result of new information, future events,
changes in its expectations or developments or otherwise, except as required by law, although it may do so from time to time. The Company
does not endorse any projections regarding future performance that may be made by third parties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities. This communication relates to the Transaction. In connection with the Transaction,
Diamond Hill plans to file with the SEC a proxy statement on Schedule 14A (the &ldquo;Proxy Statement&rdquo;). This communication is not
a substitute for the Proxy Statement or any other document that Diamond Hill may file with the SEC and send to its shareholders in connection
with the Transaction. The Transaction will be submitted to Diamond Hill&rsquo;s shareholders for their consideration. Before making any
voting decision, Diamond Hill&rsquo;s shareholders are urged to read all relevant documents filed or to be filed with the SEC, including
the Proxy Statement, as well as any amendments or supplements to those documents, when they become available, because they will contain
important information about Diamond Hill and the Transaction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Diamond Hill&rsquo;s shareholders will be able to obtain a free copy
of the Proxy Statement, as well as other filings containing information about Diamond Hill, free of charge, at the SEC&rsquo;s website
(www.sec.gov).&nbsp;&nbsp;Copies of the Proxy Statement and other documents filed by Diamond Hill with the SEC may be obtained, without
charge, by contacting Diamond Hill through its website at <FONT STYLE="color: #2F84D1"><U>www.diamond-hill.com</U></FONT>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Diamond Hill, its directors, executive officers and other persons related
to Diamond Hill may be deemed to be participants in the solicitation of proxies from Diamond Hill&rsquo;s shareholders in connection with
the Transaction.&nbsp;&nbsp;Information about the directors and executive officers of Diamond Hill and their ownership of common stock
of Diamond Hill is set forth in the section entitled &ldquo;Executive Officer Stock Ownership and Retention Guidelines&rdquo; in Diamond
Hill&rsquo;s proxy statement for its 2025 annual meeting of stockholders, which was filed with the SEC on March 14, 2025 (and which is
available at <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm" STYLE="color: rgb(47,131,209); text-decoration: underline"><FONT STYLE="color: #2F84D1">https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm</FONT></A>).
To the extent that holdings of Diamond Hill&rsquo;s securities by its directors or executive officers have changed since the amounts printed
in Diamond Hill&rsquo;s proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of
Securities on Form 3 and Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC.&nbsp;Additional information regarding
the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise,
will be included in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the Transaction when
they become available.&nbsp;&nbsp;Free copies of these documents may be obtained as described in the preceding paragraph.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>No Offer or Solicitation</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">This communication is for informational purposes only and is not intended
to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of
any vote or approval, nor shall there by any sale of securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities law of any such jurisdiction.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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