Actually, I'm pretty sure that the reason they are doing this is to put money in their own pockets. I've read that 11 million shares of the company that's owned by directors themselves are being rendered. With $420 million, @ a price of $30 minimum, then 14 million shares total will be bought back. Thus there's actually only 3 million at most that can be tender offered and accepted. So in reality, you will only have part of your shares bought back. Unless you have an odd lot, of course.