Acceptance ratio
Market basicsThe proportion of tendered shares a company actually accepts in a buyback.
In plain terms
This, not the premium, decides what you earn. A 20% premium at 15% acceptance is a 3% return.
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Glossary
Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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