Agree, not likely in the short-term.
But Peltz is not just an advisor. He has options that would make him the second largest SH, and he may be a large SH already if he’s been buying. So he does/will have a lot to say about anything he wants.
And while a company may judge growth (including appreciation of PPS) on a 5-10 year future schedule, activist investors usually do not. Just saying.
And theoretically, I agree about debt at this early stage. But if a company announcement that they were taking on debt for a share buy back made the price rise to $30/share, would you care if that strategy wasn’t ideal for growing into their current share structure?