For simplicity, my assumption was that it would be an on-market buyback.
If it was an equal access buyback, then yes, they’d probably have to raise the price to get large scale participation. It would also matter what they apportioned as the capital component & dividend component (as this would affect shareholders in different ways re: tax treatment of cap gains/losses vs. dividend income).
CappMan
For simplicity, my assumption was that it would be an on-market...
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