回购方式

嗨，努力学习的PZer你好：

1

第三种方式 Buy in the open market，因为可以按市价回购

或者说可以在股票被低估的时候回购，这样相对 cost effective

"If the share repurchases are competently timed to minimize price impact and to exploit perceived undervaluation in the marketplace, this method is also relatively cost effective"

2

前两种方式，至少要在现有股价基础上增加一个溢价

只不过一个是给一个固定的报价，一个是给一个报价区间

但是不管怎样，还是增加了回购的成本

"A fixed price tender offer can be accomplished quickly, but the company usually has to offer a premium. Obviously, this raises the cost of the buyback"

3

也请参考分红回购章节的例题 12，位于原版书 P63

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