We document abnormal trading profits in Dutch auction self-tenders. Tender period profits—buying after announcement and selling just before expiration—are 1.74 percent (Bhagat, Brickley, and Lowenstein (1987) report similar profits for inter-firm tenders). Buying just before expiration and tendering yields abnormal profits of 1.36 percent (Lakonishok and Vermaelen (1990) report 9 percent for fixed-price self-tenders using a filter rule). Total profits from buying just after announcement and tendering remain positive after adjusting for bid-ask spreads. Trading profits are higher for smaller firms, and positively correlated with tender period unsystematic risk, suggesting that they arise due to the pricing of event risk.