Obviously, you don't since you think that if Apple buys back every share but one that the remaining share would be worth $388. It would actually be worth the entire value of Apple Inc.
I see a flaw in your reasoning, and I'll use round numbers to demonstrate it. Suppose a company has 10 shares outstanding and a market cap of $100. Each share is worth $10. Now imagine the company buys 9 of the shares. They'll sink $90 into the purchase and the value of that last share of stock is still $10, because the company as a whole is still worth $100.
You're horribly confused.
The only thing that I wasn't clear on is that my evaluation should have been based in INTRINSIC VALUE plus remaining cash rather than total value. It is basically the same thing when looking at current values. But after all the money has been used to buy shares, the numbers change.
Let's take your example. Assume that your company has 10 shares. The intrinsic value of the company is $100. The company also has $90 in cash. Current share price is $10.00. You convince 9 of the share holders to sell their shares back to the company for $10 (again, unrealistic). That means that the company has taken back 9 shares, leaving one in circulation. The intrinsic value is unchanged at $100, but the cash is all gone. The net company value is therefore $100, so the price for the one outstanding share is $100, not $10.
Now, it could never really apply like this because let's say you bought 4 of the shares for $10 each. The value of the remaining shares would be $25 (market cap would be $100 intrinsic value plus the $50 in cash remaining for a total value of $150, but only 6 shares remain so the price would be $25 each. There wouldn't be enough money to buy all of them. This is why when a company wants to acquire another company, they work out a deal in advance to buy all the shares (or a controlling interest). Buying up shares on the market drives up the price to the point that a company would end up having to pay considerably more than the market value.
Now, in the case of Apple, the INTRINSIC value of the company is around $280 B ($360 B market cap less $80 B cash). If Apple were somehow able to buy all the shares but one with their $80 B cash (obviously, not possible), the one remaining share would be worth $280 B.