Tender is creative, but how about just do your jobs...
It's not going to do anything for longs. I'm gonna sit right here on my shares and wait. People who sell now at a loss will have nothing. My broker called, said I should sell. I'm like..........Why? so I can loose money again? Nah I'll wait and ride it to the bottom if need be. Can't really blame the company. Maybe they just want the shares on the cheap and then they will run the stock up again.
I've got time. I'll wait. So AWP boys and girls get off your collective duffies and get this stock moving up!!!
Nothing prevents you from buying the shares right back after you tender them. If the discount remains or returns to >5%, you've just made some arbitrage money. The only downside is taxes get a bit more complicated because of the wash sale (if you sell for a loss), and there's the risk the discount will go below 5% (yeah right...)