Repurchase of employer stock by company from accounts of non-officers where value of employer stock is decreasing

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Due to a downturn in business a company has ceased making contributions of employer contributions to its stock bonus plan. The value of the stock has decreased to less than 10% of the value of the fund. The employer wants to amend the plan to offer actively employed participants who are non-officers of the company the right to sell the shares of employer stock in their accounts to the company at its fair market value (a full valuation has been done recently). Can this be accomplished without violating ERISA's prohibited transaction rules?