Abstract
This study makes a comparison between the market reactions for Open Market as well as Tender Offer Buyback Offers. It is found that in the Indian market, stock price reaction to either of the announcements is not very strong, but sometimes goes towards the negative side. Both of the offers garner a similar lukewarm reaction from the market and a difference between abnormal returns could not be found. The study also tries to look at the determinants between Tender and Open Market Offers and finds that firms offering tender offers are significantly smaller in size, high in opportunity and low in debt equity ratio as compared to firms offering open market buybacks.
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