If a company has a billion dollars more cash than liabilities, it's worth at least a billion dollars in a M&A deal today. You don't need a bigger fool, just som

If a company has a billion dollars more cash than liabilities, it's worth at least a billion dollars in a M&A deal today. You don't need a bigger fool, just someone who's willing to wind down a business to net assets. See what happened to Yahoo as a creative example of this - the operating business was a net liability, but it owned a good chunk of valuable Alibaba stock that made the stock positive-value, so it got split up, sold off, and wound down. The dividends don't matter, IMO. It's net assets and net profits that do.