What about the case of a tender offer where shares tendered in the buyout offer are accepted on a pro rata basis? In that scenario, all shareholders have the opportunity to sell their shares to the company at the offered price, and if more shares are tendered than the company intends to buy, a portion is purchased from everyone.
In my opinion, many small companies whose valuation the board considers to be below fair value, and where there are clear sellers among shareholders, should make an open tender offer to everyone at roughly the current market price, for example. That way, a seller hitting the bid aggressively could get rid of their shares (along with others who might want to sell at around the current price) without disrupting regular stock exchange trading.
For some reason, people only ever comment on the targeted buyback scenario, even though tender offers like that are very common, as far as I understand, in North America and right here in the Nordics within the bond (JVK) market.