1. Deal goes thru for $13.65 and all this smoke and nonsense evaporate.
2. Deal falls thru, as do Icahns absurd dividend idea, and the stock goes back to $11
3. This drags on forever, but the stock never gets above $15, eventually either option 1 or 2 occur and
only the lawyers make money.
Dell is in a declining business, with collapsing margins. With much of their cash trapped overseas, they can barely hold the valuation they are assigned.
6 months from now, odds are this stock will either be gone at 13.65 or it will be abandoned and at $12 Icahn will be a laughing stock.
You cannot just create value and hollow out Dell with a $9 special dividend unless the stock goes to $3 to do it.