"Repatriation taxes have nothing to do with a cash rich split off."
Don't make me laugh. Money coming from China or Japan to the US is subject to repatriation taxes. Doesn't matter if they keep it in a US incorporated firm, pay it out to shareholders or buy back stock.
Why do you think the stock price isn't moving??
The Pros know the game. But this deal locks the BOD in for at least 2 more years.