What happens when a company buys back all / all - 1 of their stock?
I was chatting with my boss (who is also co-founder), and he’s been unable to find out what happens when a company buys back all of it’s stock. I opined that companies can own shares of other companies, and send a representative to shareholder meetings, so… would the company now be controlled by it’s own representative? That doesn’t seem to make any sense. OTOH, if it has no input at all, then if it buys all-but-one of it’s own shares, then the person with the last share has effective control of the company, which also doesn’t make sense.
Is this process disallowed somehow? Allowed, but impractical for some reasons? Happens, but with different consequences?