Tender offer buyback
A repurchase in which the issuer publicly announces a price and a deadline and accepts shares from anyone willing to sell.
How to read the number
It hands the holder a choice that market buying never offers: tender at the stated price, or stay in the capital.
When the metric lies
If more shares are tendered than the company will buy, applications are scaled back and the remainder returns to the market price.
Also known as: tender offer