That's a good point. There are 100,000 people saying that Dell is worth more than $13.65, yet there are zero higher bids. What is Mr. Icahn's bid? Will he even make a bid, or will he just keep asking Mike Dell to offer more? I could do that.
Mike Dell and his LBO team made a generous preimum $13.65 offer to privatize the company.
No one else has made any offer to buy the company.
If stockholders do not vote YES to the $13.65 offer then DELL will remain a public company and its shares will likely trade back down to the $10 to $10.50 per share range. That's not a "fight' . It is just a question of whether stockholders want $13.50 or $10.50 for their shares.