While most buybacks come at a premium to the current stock price of the company, allowing you to make a profit from it but it may not always be the case.  

• If the buyback price is significantly above your purchase price, participating can be profitable. 
• If your cost of acquisition is higher than the buyback price, you may incur a loss.  
• The acceptance ratio matters - if only a small percentage of your tendered shares are accepted, your overall gain may. be limited.
• Post-buyback, the share price sometimes drops if the market interprets the buyback as a lack of growth opportunities.