Suppose Al Dente from Example 17.3 changes his mind and cuts out Consolidated's year-1 dividend entirely, instead

Question:

Suppose Al Dente from Example 17.3 changes his mind and cuts out Consolidated's year-1 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?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...