Just seems like trying to do things in the most complicated way possible. In all the years I've been investing I think I've had one company do a dutch tender auction. Here, the CEO wanted to do two of them in the space of about a year. Those things are expensive, huge legal fees. And in the last one he wanted to take on a bunch of debt too! That's crazy. Puts the entire company at risk.
I see no need for all the fancy financial engineering. He seems to think he can turn a slowly growing company into a huge growth stock by leveraging up. Incredibly dangerous. Good chunk of the cash on the balance sheet is now gone. Would have much rather seen a special dividend.
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