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Mr. Cooperman wants the money returned to shareholders in a stock buyback at $70 a share.
It pointed to Kraft's $3.6 billion stock buyback — at $33 a share — as proof that issuing too much new stock at today's prices would be wasteful.
In the few months preceding that decision, the stock halved to $10, despite a buyback at prices ranging from $22 to $25.
They said: The announcement of a $2.5bn share buyback at HSBC's interim results surprised market consensus that had been factoring in the prospect of a dividend cut.
But the I.M.F.'s insistence that a buyback must take place before it signs off on new loans has emboldened hedge funds to buy more bonds in the view that Greece's creditors will not risk blowing up this week's carefully constructed deal if it means lending Greece additional funds to complete a buyback at a higher price.
Last month, the B.I.S. board unanimously approved the buyback at the price of 16,000 Swiss francs, meaning that neither Roger W. Ferguson Jr., the vice chairman of the Federal Reserve who attended in place of Alan Greenspan, the Fed chairman, nor William J. McDonough, president of the Federal Reserve Bank of New York, objected.
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Some institutions were vocal proponents of share buybacks at companies that, in retrospect, would have been better off using the money to pay down debt.
In addition, if you allow for buybacks at the overall market level, you should also allow for rights issues, option issuance and all the rest of it.But we are discovering how quickly buybacks can disappear.
Apple announced on Monday that it would at last return some of its cash pile to shareholders in the form of dividends and stock buybacks, at a cost of more than $10 billion a year for the next three years.
This month, in response to the Cleveland shooting, Matthews is leading toy gun smash-ups and buybacks at state capitols across the South, and he's organizing a boycott of stores that sell BB guns.
Although hostile or friendly approaches by potential merger candidates have sometimes forced special dividends and share buybacks at other companies, Mr. Ford said that the company was not under outside pressure and that the family's role would continue to prevent this.
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