tilbagekøbes

Tilbagekøbes is a Danish term used in finance to describe the purchase of assets or securities that a party previously sold or issued. In corporate finance is the most common usage aktietilbagekøb, where a company repurchases its own shares from the market or through a tender offer. The repurchased shares may be held as treasury shares, retired, or reissued later, depending on strategic considerations and regulatory requirements.

Companies engage in tilbagekøb to return surplus cash to shareholders, improve financial ratios or earnings per share, signal confidence in future prospects, or increase control among existing owners. In Denmark and the European Union, tilbagekøb of own shares is regulated to protect capital maintenance and minority shareholders. Such buybacks typically require authorization by the board and, in some cases, approval by the general meeting, and must not jeopardize the company's capital. Transactions are usually disclosed and may be limited by ceilings on the percentage of shares or the time window during which purchases may occur. Treasury shares generally do not carry voting rights.

The common methods include open-market purchases, fixed-price tender offers, and private negotiations. Open-market purchases occur on a stock exchange; tender offers involve a specified price and quantity; private negotiations are conducted off-market. The approach chosen affects price realization, execution risk, and the potential impact on share count and control.

Effects and considerations include reduced number of outstanding shares, potential increases in earnings per share, and possible changes in ownership concentration. Criticisms concern the potential to inflate metrics, undermine long-term investment, or favor insiders. Tax treatment, capital requirements, and governance safeguards are important factors in policy and practice.

See also: aktietilbagekøb, treasury shares, kapitalforvaltning.