Which of the following correctly describes the Dutch auction method of share repurchase?

a. The firm conducts open-market purchases.
b. The firm specifies a price and a quantity of shares that it will repurchase.
c. The firm auctions shares to the highest bidder, as long as that bidder meets the firm's reservation price.
d. The firm establishes an acceptable range of prices, solicits and collects sell offers, calculates the average price of these offers, and this average price is applied to all tendered shares.

D