Share Repurchase Methods Evaluation

XYZ Corporation is a publicly traded company with a strong cash position and a stable earnings history. The management team is considering several methods for repurchasing shares as part of their capital allocation strategy. They aim to improve earnings per share (EPS) and return excess cash to shareholders while maintaining strategic flexibility for future investments.

Management is weighing the pros and cons of a specific share repurchase method known for its market impact. They are particularly concerned about the timing and price at which the repurchases could affect the perception of the company’s value in the marketplace. The CFO has heard about three distinct methods of repurchases: a tender offer, open market purchase, and accelerated share repurchase (ASR).

Based on this scenario, which of the following methods is likely to allow XYZ Corporation to buy back shares at a predetermined price and in a specific quantity while minimizing adverse market reactions?