Value strategy
Tender-Offer / Dutch Auction
Capture the spread when a company offers to buy back shares at a fixed premium to the market price — and know how India’s tender-offer buybacks and delisting offers differ from a Dutch auction.
Weeks (buyback tender window) to several months (delisting offers)Intermediate
Special-situations investing tradition; self-tender premium capture studied academically by Josef Lakonishok & Theo Vermaelen (“Journal of Finance”, 1990)