Why Buy High when you can Buy Lower?
Looks like AAV just threw away around $20-25 million on the Dutch auction purchase with the share price now close to $8, compared to the buyback over $11. A little patience and market purchases would have saved them (and shareholders) a lot. I am not a fan of share buybacks which never seem to work out to shareholders' advantage. The share price would have held up a lot better if they had gone the dividend route instead. I don't care if management thinks the share price is too low, just dividend out the cash they want to spend and the market will revalue the shares.