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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This process is called a Dutch auction, where the firm announces the maximum price they are willing to pay for shares and shareholders indicate how many shares they are willing to sell at various prices lower than the maximum. The final price paid is typically the lowest price at which the firm can acquire the desired number of shares.

A Firm Announces That It Is Willing to Purchase a Number