By "shareholders" I guess you mean executives, it's meant to enrich executives that received those shares as a "bonus"
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I disagree. A lot of strong companies buy back shares at a fair value to reward their shareholders. Baker is a weak company. Buying shares back, i agree is putting lipstick on a pig.
Sad, that there was no better use for deploying the moolah.
It's just a short-term scheme to legally put lipstick on a pig.......... on life support!!