Randy,
I see this argument on other boards as well - it has a bit of the Which Came First, the Chicken or the Egg flavor. There is no clear winner. However, I think of it this way: if I were an acquirer, I would want to pay as little as possible for my acquisitions. If I can raise my SP significantly prior to an acquisition - say by increasing divvys - then I can acquire a company with less capital, i.e., less shares, than the corresponding cash deal without the stock price rise occurring first.
I think it is always a good idea for a company to increase it's share price prior to a deal.
Strike