Which type of stock repurchase allows management to set the repurchase price at the lowest level necessary to repurchase the desired number of shares?

Question

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In a Dutch auction tender offer repurchase, shareholders are given the opportunity to tender their shares at a price within a specified range set by the company. The company can then set the repurchase price at the lowest level necessary to repurchase the desired number of shares. This allows management to buy back shares at the most cost-effective price. Open-market repurchases and fixed-price tender offer repurchases do not provide the flexibility to set the repurchase price in this way.

Which Type of Stock Repurchase Allows Management to Set the Repurchase