Buybacks seem to deter takeovers.

Newswise Business News | Researcher Finds Good Management, Open Market Stock Buy-backs Deter Takeover Attempts: "Firms that buy their stock back on the open market are seen as more efficient and more sensitive to shareholder interests,” said Matt Billett, professor of finance in the Tippie College of Business. “It’s a sign of shareholder-friendly management.”Billett recently studied more than