In a perfectly efficient market, splitting shares has no real impact on a company or its stock price.

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After the previous enlargement there was talk of splitting the large internal-market portfolio, but this was resisted on efficiency grounds.

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Meanwhile, Dutch market gardeners had found a way to grow exotic tulips from seeds, instead of relying on the expert splitting of bulbs, bringing the price of these still-covetable blooms down sharply.

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But splitting the company just about forces these valuable, reliable customers to re-evaluate their needs and other market alternatives.

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