Obviously, no one (including Michael Dell or Carl Icahn) knows the outcome for sure, as of today. However, we can make some guesses based on human nature.
1. Will Michael Dell continue his pursuit for the buyout? If so, in what way?
There is a 99% chance that he wants another delay of the vote from August 2 to ??. This delay will also mean the record date will be changed. Michael Dell will likely make a statement tonight or tomorrow. Offer at $13.75. Once that comes out, the share price will go to the $12.8 - $13.2 range by Friday.
2. Will Michael Dell get the company? Will the share price collapse if he does not?
Who knows if he can get it at $13.75 or not? However, if he does not get it, the share price will not collapse. Looking at today's action, the deal is almost dead but the sell-off stops at $12.28. If the deal is REALLY dead (being voted down in the future), the share price could go below $12 for a while. Longer term, the Icahn actions and the possible improvement in the sentiment will bring the stock back to $12, to $13, to $14 & above.
You can look at the history of Best Buy. Its founder tried a LBO but failed. The share price has doubled over the past few months since the LBO collapsed.