The deal will hinge on convincing large investors to keep their skin in the game for upside in a turnaround. Meanwhile, investors either cashing out at $15 or holding Dell shares would be making full use of the PC-giant's undistributed cash stockpile. Icahn, before outlining a bid under Dell's 'go-shop,' and Southeastern Asset Management highlighted a dividend recapitalization as a way to unlock the company's value for shareholders. While Icahn's now pressed further than a dividend recapitalization, such intent remains part of the activist's proposal. It's a big contrast to the private equity bids, which would cash shareholders out at what many have characterized as an undesirable price tag and gives buyout investors all of the upside.