To resist a takeover, a target company can make a self-tender.

Question

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A self-tender offer is one of the defense mechanisms that can be used by a target company to resist a hostile takeover attempt. In a self-tender offer, the target company offers to buy back its own shares from its shareholders at a premium price, which makes it more expensive for the acquirer to gain control of the company. This is a way for the target company to reduce the number of outstanding shares, making it more difficult and expensive for the acquirer to gain control of the company.

To Resist a Takeover, a Target Company Can Make a Self-Tender