The issuer repurchases its own shares at a fixed price or through a competitive price range.
Spot can lag the purchase or clearing price; the return also depends on proration and time to settlement.
Live deals are shown with your account, according to your plan.
The mechanics, step by step.
Step 1
The company announces it will buy back its own shares at a fixed price or within a range (Dutch auction).
Step 2
Shareholders tender their shares and state at which price in the range they are willing to sell.
The company offers to buy back up to 10% of its capital in a Dutch auction between €20.00 and €23.00. The stock trades at €19.50.
Even at the lowest price in the range you capture the gap; proration decides how many shares are bought.
Hypothetical figures to explain the mechanics. Not a real case and not a recommendation.
Step 3
At the close, the company sets the lowest price that lets it buy the target amount and pays that price to everyone.
Step 4
If more shares are tendered than it buys, it prorates and returns the rest to the holder.