市场价格回购可以更低价格回购更多股票为什么不行呢？？？

问题如下：

SpeedyPro made its first share repurchase in early 2017 using surplus cash. SpeedyPro’s selected financial information just prior to the repurchase is shown in Exhibit 2.

Exhibit 2 SpeedyPro, Inc. Selected Financial Information as of Year-End 2016

Based on Exhibit 2, SpeedyPro most likely repurchased shares using:

选项：

A.

a negotiated purchase agreement.

B.

a fixed-price tender offer.

C.

open market purchases.

解释：

SpeedyPro offered a 10% premium over the current price. This is most con¬sistent with a fixed-price tender offer, which normally requires a premium. Negotiated purchase agreements are almost as likely to take place at prices lower than market because they are at prices above market, particularly when shareholders are trying to meet liquidity needs. Open market purchases are market based and can be timed to avoid price impact.

A is incorrect. Negotiated purchase agreements are almost as likely to take place at prices lower than market as they are at prices above market when shareholders are trying to meet liquidity needs.

C is incorrect. Open market purchases are market based and can be timed to avoid price impact.