Not significantly more than waiting to announce. This is because of SEC rules that require anyone intending to buy more than 5% of a publicly traded company to

Not significantly more than waiting to announce. This is because of SEC rules that require anyone intending to buy more than 5% of a publicly traded company to publicly announce with some time period before actually purchasing shares. These rules were intended to prevent the pervasive private equity pump and dump schemes of the 90's by making it harder to take a company private. These rules are also pretty heavily blamed for our current problem of outsized CEO compensation because CEOs now rarely have to worry about hostile takeovers.