In Finland, at least Bittium and Afarak have done this before. No others come to mind right away, but then again, these weren’t large corporations at the time either. Sure, it probably doesn’t make sense to go after share repurchases of under 10% of the share capital from the market, but that isn’t very far from a typical 6% dividend and is therefore entirely doable. In addition, dividends also cause immediate losses to the taxman for the owner, so that too comes with its own significant costs.
There are also tons of similar examples abroad, as that kind of practice is more common there: