12. Dividend Irrelevance. Suppose Al Dente from Example 17.2 changes his mind and cuts out Consolidated's year-1 dividend entirely, instead spending $10 million to buy back stock. Are shareholders any better or worse off than if Consolidated had paid out $10 million as cash dividends? (Hints: How many shares will be repurchased? The purchase price at year I will be $110.) (LO4)