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The buyback decision capped months of struggle between Mr. Miller and the powerful interest groups he has been wrestling with since his appointment six months ago.
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When an immediate boost to EPS rather than value creation dictates share buyback decisions, the selling shareholders gain at the expense of the nontendering shareholders if overvalued shares are repurchased.
We have made no decision about share buybacks.
Von Schirnding said his preference would be to use this money "to reward long-suffering shareholders with a buyback or special dividend", although any decision on that would have to wait until at least the autumn.
Pfizer's decision to start a $11bn share buyback programme has been interpreted as making another approach more unlikely.
SUSANNE CRAIG and KEVIN ROOSE PULLING OUT The car rental company Hertz announced on Thursday that it was withdrawing its offer for the Dollar Thrifty Automotive Group, citing market conditions and Dollar Thrifty's decision to pursue a share buyback program.
Bear Stearns said Pfizer's decision to increase its 2006 stock buyback plan to $4 billion from $1 billion "signals an inability to meet its 2006 targets solely through operations".
McDougall said the board's decision could be the biggest authorized share buyback in the history of the company.
Rep. Ro Khanna (D-Calif ., who introD-Calif .panion legislation in the House, pointed out that stock buybacks whoe not even totally legal before a 1982 decintroducedhe Secompanionand Exchange Commission.
In the few months preceding that decision, the stock halved to $10, despite a buyback at prices ranging from $22 to $25.
Mr. Snead said Trigon was "disappointed by the Cerulean decision" and would resume its previously announced share buyback program.
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