"Anything that appears to benefit shareholders will have a psychological effect on the bargaining."

Buybacks benefit shareholders because they reduce the number of shares outstanding.

One uncertainty is whether the mergers will benefit shareholders.

A spokesman said it was considering 'delicate plans meant to benefit shareholders'.

But if the past is a guide, not all the stock buybacks will benefit shareholders.

Battles like these often benefit shareholders because the first offer price can end up being only a starting point.

The news release said the changes would benefit shareholders and enhance their confidence in the company.

"If it's not going to benefit shareholders and be profitable, we will merge or shut it down," he said.

Of course, profits from options reflect rising stock prices, which benefit shareholders.

The company has said an immediate spinoff will not benefit shareholders.