When you tender, you trigger a taxable event. If you are sitting on a position with a capital loss, to participate in the buyback you have to take a loss. With

When you tender, you trigger a taxable event. If you are sitting on a position with a capital loss, to participate in the buyback you have to take a loss. With a dividend, while you take a tax hit for the dividend, your cost basis is adjusted accordingly (so you don't take a capital gains event) which is important if you have a losing position (you are only allowed to take a certain amount of loss in your tax return under certain circumstances, making the buyback unpalatable in the context of a larger return with other sources of capital loss) Try to do your own taxes this year. It's a learning experience.