It's clearly time to sell Dell's shares, as even a full takeout offer for $15 a share -- which exceeds what Icahn and Blackstone have offered -- would be a gain of just 6% from Friday's close, while the shares have already risen 39% year-to-date. Another reason to bail at this point is that the initial bid of $13.65 a share could still prevail, which would be a 3% loss from Friday's close. Even worse, it's possible that Dell will remain publicly traded, in which case the shares could slide right back to their year-end trading range of around $10.00. Dell's fiscal 2013 ended on Feb. 1. For fiscal 2013, the company reported operating earnings of $3.973 billion, or $1.72 a share, declining from $5.135 billion, or $2.13 a share, in fiscal 2012. Net revenue for fiscal 2013 was $56.94 billion, declining from $62.071 billion the previous year. Dell's consumer business contributed 19% of net revenue during fiscal 2013, but the unit posted an operating net loss of $11 million for the year, reflecting the continuing pressure on the company's PC business. A bright spot for Dell was that its revenue from services and software increased slightly, to $12.196 billion in fiscal 2013, from $12.165 billion in fiscal 2012. The overall pressure on Dell's income and earnings is reflected in a relatively low valuation for the shares, despite the run-up this year. At Friday's close, the shares traded for 8.3 times the consensus fiscal 2015 earnings estimate of $1.71 a share, among analysts polled by Thomson Reuters. With what appears to be weak prospects for earnings growth over the next couple of years, Dell's shares aren't compelling for long-term investors expecting the company to go on operating as a public entity. For those playing the take-out, it would appear that the gains are already baked-in. Topeka Capital Markets analyst Brian White has a different opinion on Dell's takeout prospects, saying in a report on Monday that "a higher buyout bid is in the cards and we continue to believe that an $18.00 buyout price for Dell makes sense." The analyst rates Dell a "buy" with a price target for the shares of $18, matching what he believes the potential purchase price to be. When considering Icahn's offer, White wrote that "the opportunity to maintain a stake in Dell could be welcomed by investors that want to participate in the turnaround at the Company." While saying that a bid of $18 a share would "make sense," White said that "it is unlikely that this price level will occur in the first round of bidding."