> The bigger difference is the accretion (dilution) that the company gets from buying shares below (above) intrinsic value.
Sure, if you believe your stock is overvalued raise cash and retire debt, and if you believe it's undervalued take on debt and buy back shares. That's orthogonal to the issue of "if I want to give back 100$ to my shareholders what's the best way to go about it?".
Sure, if you believe your stock is overvalued raise cash and retire debt, and if you believe it's undervalued take on debt and buy back shares. That's orthogonal to the issue of "if I want to give back 100$ to my shareholders what's the best way to go about it?".