An offer by a firm to repurchase some of its own securities from stockholders, generally on a pro rata basis from those shares offered for sale. A self-tender may be preferable to purchasing the securities in the open market, because a self-tender is quicker and will not disrupt public trading in the securities. A self-tender is similar to a buyback, except that buybacks often refer to repurchases from special groups or a few large holders. Also called stock repurchase plan.