Answer: Fixed price tender offer

## Explanation Fixed price tender offers typically have the highest cost for companies because: - **Premium Payment**: Companies must offer a premium above the current market price to incentivize shareholders to tender their shares - **Fixed Price Risk**: The company commits to buying shares at a predetermined price, regardless of any subsequent market price movements - **Limited Flexibility**: Once the offer is made, the company is obligated to purchase all shares tendered at the fixed price In contrast: - **Dutch auction tender offers** allow companies to specify a price range, potentially resulting in a lower final purchase price - **Open market repurchases** provide the most flexibility and typically occur at current market prices without premiums The fixed price tender offer method involves paying a significant premium to attract shareholders, making it the most expensive repurchase method.

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