Again, no intrinsic value creation for the company. However, it is a more tax efficient way to get excess $$ to investors.
In other words, the stock price goes up but the market cap essentially stays the same. Therefore, the stockholders basically get their $$ without the tax effect of paying double taxes (corp tax then the dividend tax...).
In other words, buybacks are better (in my view) than paying dividends because it is more tax efficient for the investor.
I.ve been through a couple of reverse splits. All it did was kill the stock.. If C r/s i will exit C immediately upon the news.. Stocks usually go down 10-20% after r/s.. Wait for that to happen, then buy C..