I've always wondered about that myself. On at least one ocasion, they offered to sell new shares at a discount which I took advantage of. I've never sold during one of their tender offers. I suppose that's one way to take care of shareholders by reduccing the number of shares. One would get a quickie profit off of shares sold and the remaining shares held would have their value more solidly supported. That's my knee jerk reaction without any an indepth study of the situation.