I totally disagree with this. A company holding cash is a moral hazard for board members and executives because it’s so easy to extract. Company profits should

I totally disagree with this. A company holding cash is a moral hazard for board members and executives because it’s so easy to extract. Company profits should be paid out or invested quarterly. It’s not pumping the price, it’s just giving the shareholders what they own. Here’s an example. Board members invest in a startup and then use the cash to purchase it at a much higher valuation. In a cash deal, nothing gets reported. If the company uses stock for the transaction, they would have to report it to the SEC as a distribution to an insider. Other than this, there is basically no good reason to use cash for acquisition versus stock equivalent. That’s just one example, but a very common one.