shares outstanding — reduced, since the repurchased shares (say 100M out of 500M total outstanding) is no longer available for trading.
Who pays cash to who? Company pays existing public shareholders (buying on the open market), so company need to pay out hard cash! Will reduce company’s cash position.
EPS — benefits, leading to immediate price appreciation
Total assets — reduces, improving ROA/ROE
Demonstrates comfortable cash position
Initiated by — Management when they think it is undervalued
Perhaps requested by — Existing share holder hoping to make a profit