Blue, The stock price is the key. It is the specific variable that drives the split ratio.
As you correctly point out, any stock price can be attained. It just requires controlling the split ratio.
Given the initial range of from 10 or 20 to 1, we can see what their intended range was from the start.
One might argue that the difference between a 10 to 1 split and a 20 to 1 split allowed for more shares to be available for dilution, but that is not really viable. The difference in shares would amount to about 60 million shares. Compared to the over 1.3 Billion shares available after the split, that number is trivial. Furthermore if those shares ever come into play it will mean that the entire AS will have been exhausted. A much more sinister prospect.
No, the split ratio has been determined specifically to obtain the desired share price.
Instead of trying to determine why they didn't shoot for something else, perhaps it would be more effective to try to determine why they shot for what they did.
regards,
frog
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