Comment on Is it theoretically or legally possible for an incorporated business to buy itself?

Is it theoretically or legally possible for an incorporated business to buy itself?

When a company profits it distributes some portion to shareholders as dividends and some portion is reinvested back into the company. What if, for x reasons, the members of the board secretly (ignoring this particular illegality) decided to use some of its profits to gradually buy up its own shares on the secondary market?

 

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