Evaluating Share Repurchase Methods

XYZ Corporation has a substantial amount of cash on hand and is considering returning some value to its shareholders through share repurchases. The management is evaluating different methods of implementing this program, including open market purchases, tender offers, and direct negotiation with shareholders.

As an analyst, you need to assess the potential impacts of each method on the company’s stock price, shareholder ownership structure, and overall market perception. Which method of share repurchase is likely to be most advantageous for XYZ Corporation when considering these factors?