As Icahn has said in recent media appearances, Dell has made over $10 billion in acquisitions in recent years to bolster its enterprise division, however, shareholders are yet to see the benefit from those assets.
While much ink has been spilled on the adversity Dell has faced in a sharply declining PC-market, the company nevertheless generated over $2.3 billion in 2012 profits and over $3.2 billion in operating cash flow. [Both figures reflect sharp year-over-year declines].
Those earnings and cash flow metrics, in addition to unheralded enterprise division assets such as Quest Software and Wyse Technologies indicate Icahn, Southeastern and shareholders who would opt out of the $12 a share dividend would have heavy lifting to garner a value from their shares.
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