NO.PZ202403050100000105
问题如下：
Based on Exhibit 2, SpeedyPro most likely repurchased shares using:选项：
A.open market purchases. B.a fixed-price tender offer. C.a negotiated purchase agreement.解释：
A is incorrect. Open market purchases are market based and can be timed to avoid price impact.
B is correct. SpeedyPro offered a 10% premium over the current price. This is most consistent with a fixed-price tender offer, which normally requires a premium. Negotiated purchase agreements are almost as likely to take place at prices lower than market because they are at prices above market, particularly when shareholders are trying to meet liquidity needs. Open market purchases are market based and can be timed to avoid price impact.
C is incorrect. Negotiated purchase agreements are almost as likely to take place at prices lower than market as they are at prices above market when shareholders are trying to meet liquidity needs.
答案的意思是说用negotiated agreement这种方式进行回购一般给的价格会低于市场价格，因为shareholder急需流动性。
但是课上老师说的是，这种方式一般要at a premium to the market price。但经济危机时，因为很多人急着抛售，可以at discount。这里时候有矛盾?
