If After a Repurchase, There Is a Reduction in the Market

If after a repurchase, there is a reduction in the market price of the remaining shares:

A) value is passed to those shareholders who sold at the expense of those who didn't.
B) value is passed to the continuing shareholders at the expense of management.
C) value is passed to those shareholders who sold at the expense of management.
D) value is passed to the continuing shareholders at the expense of those who sold.