Final answer:
Under the no tax scenario, the proposed repurchase plan for M & M Pizza can improve the expected dividends per share.
Step-by-step explanation:
Under the no tax scenario, the financial statements for M & M Pizza will vary with the proposed repurchase plan. The repurchase plan involves the company buying back its own shares from the shareholders.
This will reduce the total number of outstanding shares, which means that the earnings per share will increase. As a result, the expected dividends per share are likely to improve for the shareholders.
However, it's important to note that the impact of the repurchase plan may vary depending on other factors such as the company's financial performance and dividend policy.