Houston Natural Resources Corp (HNRC)

[packerfanbud]

Dutch auction: This works similar to the fixed price purchase, but instead of specifying a fixed price, the company sets a range of acceptable prices (minimum and maximum). For example, an offer to buy 1 million shares in a price range of $18 to $22. The different shareholders will then quote the price at which they are willing to sell their shares. After receiving all the bids, the company will qualify these bids starting from the minimum price and then moving up until it has qualified 1 million shares. If the price at which these one million shares were qualified is $20, then all these shareholders who bid, 18, 19 and 20, will be paid $22 per share for their shares.

http://financetrain.com/what-is-share-repurchase-and-methods-of-share-repurchase/