I agree @takeprofits. Also, a share buyback should only be...

I agree @takeprofits. Also, a share buyback should only be conducted when the company's shares are fundamentally undervalued by the market, this creates shareholder value. A buyback conducted when shares are overvalued will destroy shareholder value. In my opinion a buyback is a preferable means of returning cash at the moment to a dividend since the shares are undervalued and it is more tax effective.

However, my view based on my discussion with Bill is that they want to try to retain the cash where possible so that they are ready if an opportunity arises. To me though it didn't sound like there was such an opportunity available to deploy that much cash all at once on the horizon.