[fredkbloggs]

Stock buybacks by definition cannot by themselves reward shareholders. They are by their nature an enticement to become an ex-shareholder, and a reward to those ex-shareholders.

The fact that remaining shareholders are, ceteris paribus, "entitled" (but not really) to a larger share of the company's profits as a result is moot if the board never distributes the profits to them. In reality, you're entitled only to what the board decides to give you. For my part, if the board wants to buy me out, I'm happy to take them up on it. The incentives favor becoming an ex-shareholder, so ex-shareholder I shall be.