It's important to note that when a company's shareholders vote to authorize a buyback, neither the company nor the shareholders aren't obliged to actually undertake the buyback. Some companies announce buyback plans as a sign of confidence, but it's meaningless unless they actually go through with the repurchase.
Source: http://www.investorguide.com/igu-article-820-stock-basics-splits-and-buybacks-explained.html
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