http://en.wikipedia.org/wiki/Share_repurchase

"Fixed price tender

Prior to 1981, all tender offer repurchases were executed using a fixed price tender offer. This offer specifies in advance a single purchase price, the number of shares sought, and the duration of the offer, with public disclosure required. The offer may be made conditional upon receiving tenders of a minimum number of shares, and it may permit withdrawal of tendered shares prior to the offer's expiration date. Shareholders decide whether or not to participate, and if so, the number of shares to tender to the firm at the specified price. Frequently, officers and directors are precluded from participating in the tender offer. If the number of shares tendered exceeds the number sought, then the company purchases less than all shares tendered at the purchase price on a pro rata basis to all who tendered at the purchase price. If the number of shares tendered is below the number sought, the company may choose to extend the offer’s expiration date."

One of the other stocks I own, I beleive GE or HD, had a repurchase plan offered to shareholders for a fixed price that was slightly above the marketprice the day it was announced. However the effective date was in the future, so it made it a gamble. FYI that is from memory and it may be faulty after this past weekend.

Good luck

(I) C. W.