buy back If this company is running at a profit and is...

buy back If this company is running at a profit and is undervalued as claimed wouldn't it make perfect sense to commence a buy back. The shares would be held in escrow for future aquisitions which would naturaly lead to a higher share price giving them greater purchasing power. This would also give the appearance of confidence and stability which institutions and shareholders love. At the very least it would stave of the dreaded share reconsruction which peolple are fearing. It would almost be worth going further into debt for.
If there is a flaw in this argument (which I think there must be because it just seems so obvious) I would be more than happy to hear it. But please, dont be too rude if you need to highlight my benightedness.