"Very hard to do buyback without a tender."

or an ASR -

Key Aspects of ASR Programs

Mechanism: The company pays an investment bank to buy back shares; the bank borrows these shares from the market to deliver immediately and covers its short position by purchasing shares over a following period (e.g., several months).

Speed and Volume: Unlike open-market repurchases (OMR) that may take months, ASRs deliver a large block of shares almost immediately.
Settlement: At the end, if the bank paid less than the upfront price, the firm may receive extra shares; if the price was higher, the firm may pay extra cash or shares.

Motivation: Companies often use ASRs when they believe their stock is undervalued, to reduce outstanding shares quickly, or to signal confidence in their financial health.

Pricing: The final price is usually based on a volume-weighted average price (VWAP) over the term, often with a, discount or, in some cases, a capped/collared structure.

Costs: These programs are subject to the 1% federal excise tax on net buybacks implemented in 2023