Do large public companies ever "quit while they're ahead"? Large public companies (e.g. S&amp;P 500) seem to end their lives in one of two ways: either they're acquired (or taken private), or they go bankrupt.

Theoretically it seems like there should be a third option: to wind up the company and return assets to shareholders (as Michael Dell famously suggested Apple should do). A company that realises its industry is in decline and it's about to become unprofitable as a business surely ought to do this; it would give the shareholders at least some cash, rather than the nothing they'll get in bankruptcy. But I can't remember this ever happening, at least in my lifetime (alternately, maybe it's common enough to simply not be news?). A struggling company like HP or Nokia or Blackberry seems to always keep going to a buyout or the bitter end, even when "everyone" can see they're doomed.

Are large public companies ever simply wound up? If not, why?
Assume a company decides to "wind up". What would happen? Its competitors would want to get hold of its tangible and intangible assets (like customer base, patents etc). How is this different from "fighting to a buyout"? In this second scenario, the company has always available the option/threat of continuing competition (possibly harmful to the competitors), while in the "wind-up" scenario it does not -it has committed to leave the business. So "fighting to a buyout" gives the company better position in negotiations, and so chances to increase its selling price compared to the "wind up" scenario.  

You could spice this with theories about management, and how "management will not let go" etc, but the above provides an interpretation that appears more widely applicable.

Compared to smaller companies, large companies have more market power and so the "threat" of continuing competition weighs more heavily with competitors.