A firm announces that it is willing to purchase a number of shares back at various prices and shareholders have the option to indicate how many shares they are willing to sell at various prices. This process is called a:

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The process described in the question is known as a Dutch auction, where a company invites shareholders to tender their shares at different prices, and the company purchases the shares at the lowest possible price which will allow it to buy the desired number of shares.

A Firm Announces That It Is Willing to Purchase a Number