I don’t think share price will go down after spin-off. PDI value is in a future contracts. I think investors caught as deer in a headlight not knowing to buy now and get free PDI shares or wait and maybe buy after spin-off. Regardless, when I pull that book out of my mail box – it will be celebration time.
IMHO the only reason they are even doing the share buybacks are to bolster the SP when it falls. I think we can all agree the shares are still very cheap here and if they were accumulating shares at a given rate per day, week, or month then we could find a method to their madness. The pattern that I see is that when the SP falls hard at that point they're buyers.
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