RE:Book Value goes "up" ..share price goes DOWNStatistically speaking most stocks do drop in price after the completion of a dutch tender auction. And Input couldn't have bought as many shares as they wanted to just in open trading as it would take too long and it is too thinly traded. Your thesis may still be correct though that they should not buy any shares and should instead return money to shareholders via dividends. There is another school of thought that buying back shares at these prices will wind up being good for the share price. Only time will tell who is right.