Not understand this. If shares held on record date are sold at higher price before closure of Tender dates , then one can buy again at lower prices to tender. Otherwise fresh shares over and above record date will not be accepted.
it should be bought before opening of buy back. As most clever investors tend to think alike rush to buy after dates are announced. Nalco is hitting 52 week high now at 54.20!
Might remain close to buyback price as buyback opens. Aluminum prices rising in tandem with commodity prices.... good to hold unaccepted shares for an year or two