A $40m buy-back is better long-term than handing out $40m to shareholders as a dividend.
At least a $40m buy-back increases EPS (less shares on issue). What long-term benefit does a $40m dividend to shareholders have on the share price in 2 year's time?
If the share price is, say, $8 in 2 year's time, a $40m buy-back at $4.70 is in actual fact a $70m buy-back - 8.5 million shares taken off the register is worth $70m at $8.
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