I think combination of an on market and an off-market!! for what...

I think combination of an on market and an off-market!! for what it's worth. The on market helps the discount and the off-market for those willing to wait. But the issue is that 15% rule on the number of shares that can be bought back, I think its 15%. So it would take you years to get out buty tender offer off-market. That would the force you to sell on market at a greater loss. But would the ability to tender off-market reduce the discount further as there would be a clear arbitrage opportunity there? I would take that arbitrage every day and pick up days to flog the rest. Perpetual money making.