The repurchase of own shares or, in the case of a group of shares in controlled companies, directly from shareholders, i.e. not via the stock exchange. – Self-tender is usually distinguished from buyback, in which shares are purchased from a major shareholder (principal shareholder); however, the terminology is not uniform in this respect (an offer by a company to repurchase some of its own shares from shareholders. A self-tender may be preferable to purchasing the securities in the open market, because a self-tender is quicker and will not disrupt public trading in the securities. A self-tender is similar to a buyback, except that buybacks often refer to repurchases from a large holder). – See share buyback. – Cf. BaFin Annual Report 2003, p. 208 (regulatory provisions).
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