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As you know, a company can do a share repurchase, or a special dividend, when they're trying to return capital to shareholders on a standalone basis. Why is it that both a special dividend of $100 and a share repurchase of $100 of stock necessarily results in the same exact pro forma share price? This is all assuming that the company takes on the same amount of incremental debt to fund the share repurchase/dividend, and that the share repurchase occurs on a pro rata basis. Read More