Do companies repurchase all the tendered shares in buyback offer?

The number of shares accepted by a company for repurchase depends upon the buyback acceptance ratio. Tender offer buyback process is done on a proportionate basis.

If the buyback acceptance ratio is 20% means every 1 share out of 5 shares held by shareholders will be accepted for share repurchase. Tendered shares that are not acquired by company for buyback will be release back to shareholder’s demat account.