Delaware Investments Dividend and Income Fund, Inc. Announces Expiration of Tender Offer

PHILADELPHIA, June 30  /PRNewswire-FirstCall/ -- Delaware Investments Dividend and Income Fund, Inc. (NYSE:DDF) (the "Fund"), a closed-end management investment company, today announced the preliminary results of its tender offer for up to 522,939 shares of its common stock representing up to five percent of its issued and outstanding shares of common stock. The offer expired at 11:59 p.m., New York City time, on Friday, June 27, 2008.  Based on current information, approximately 704,186.4785 shares of common stock, or approximately 6.7330 percent of the Fund's common stock outstanding, were tendered through the expiration date.  This total includes shares tendered pursuant to notices of guaranteed delivery.  Because the number of shares tendered exceeded 522,939 shares, the number of shares that will be purchased by the Fund will be pro-rated based on the number of shares properly tendered by each shareholder.  No more than a total of 522,939 properly tendered shares will be accepted for cash payment at a price equal to the Fund's net asset value ("NAV") as of the close of regular trading on the New York Stock Exchange on June 30, 2008.  The final number of shares validly tendered and accepted pursuant to the tender offer will be announced at a later date. Payment for shares tendered and accepted is expected to be sent to tendering shareholders within approximately ten business days after the expiration date.

The Fund is a diversified closed-end fund. The Fund's primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65 percent of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks and other equity-related securities. Up to 35 percent of the Fund's total assets may be invested in non-convertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.

In 1995, the Fund implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted and, if necessary, a return of capital.

About Delaware Investments

Delaware Investments, an affiliate of Lincoln Financial Group, is a Philadelphia-based diversified asset management firm with more than $140 billion in assets under management as of March 31, 2008.  Through a broad range of managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds, and other investment products, Delaware Investments provides investment services to individual investors and to institutional investors such as private and public pension funds, foundations, and endowment funds.  Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries.  For more information on Delaware Investments, visit the company at http://www.delawareinvestments.com/ Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates.  For more information on Lincoln Financial Group, visit http://www.lincolnfinancial.com/. 

DATASOURCE: Delaware Investments



CONTACT:  Ayele Ajavon, Corporate Communications, [phone],

, or Laurel O'Brien, Corporate Communications,

[phone],  



Web site:  http://www.delawareinvestments.com/

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