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July 11 (Bloomberg) -- A panel discusses student debt with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

We just wrapped up our interview with carl icahn.

He says he is coming up with a higher bid by tomorrow morning.

Joining us with reaction, jon erlichman.

Cristina alesci, and our reporter from bloomberg industries.

What would this look like?

What you can financially inch -- you can financially ensure this in different ways.

Weekend have all caps, no cash.

Dosh you can have all cash, no cash.

-- you can have all cash, no cash.

The structure depends on the underlying business.

How much is this worth and how much can you extract out of the company?

Would you have private or a completely privately traded into tea, or a partial stub remaining with a private into tea, or a private into tea with a potential call option -- a private entity , or a partial stub remaining with a private entity, or a private entity with a potential call option.

You are actually getting three into teas out of -- three entities out of this deal.

It is getting more financially complex.

What happens to the underlying business with michael dell in charge, without michael dell in charge, with carl icahn in charge.

He said he would be absolutely looking for a new ceo.

He had about four people that he was considering.

He may not have to.

Think about this 60 days.

As we were talking about earlier, their merger agreement has no provisions that say that michael dell and silverlake can back out in the event that shareholders seek their appraisal rights.

And get a higher appraisal.

They could get a lower one, too.

Suddenly, a delaware judge says, it is actually going to cost this much.

That is a big headache.

As we are talking about eight economy that is improving.

The longer this goes, the more likelihood that dell's fortunes turn around.

There was more financial complexity and what shareholders want to see is less financial complexity.

This could be a way of carl icon responding to the shareholders that want to see him increase his bid.

-- this could be a way of carl icahn responding to the shareholders.

That is what they were trying to get him to do.

Whether this structure that he is proposing is going to get other shareholders is still a big question because at the end of the day, what shareholders wanted to see was just a simple structure.

Instead of that 72% takeout, pump it up to 80 or 90. i want to bring john into this conversation.

This company is not dead and michael dell would not be so interested in taking it back over taking it private over silverlake if in fact the pc business was entirely dead.

You cover the pc business, it has certainly been struggling.

What do you think, not good?

What's there is always a massive debate on that issue.

-- there is always a massive debate on this issue.

We have the former ceo of intel who says, no, you are wrong, the pc era is not over yet.

Michael dell is passionate about this.

This is the best game of bluff on the planet.

We have to see if carl has something up his sleeve in the next 24 hours.

The board has fiduciary duty to take a closer look.

Do michael dell and silverlake, do they continue to play their game of luck?

Let's walk through these next steps.

Tomorrow morning, he comes at with a higher offer, he has the warrant.

It is presenting something differently to the board.

Looks very likely that they will stay put a must carl icon up with an offer to buy more of the company.

Right now, he is proposing to take out 72% of the shares at $14 a share and leave about 20% of the company public we traded.

If you bump that up, then you get into an area where you have an apples to apples bid.

And it truly is a superior offer.

. can they vote this deal down?

We will not go with silverlake.

You of evaluating a new option.

That is when they become comparable.

With 72% or 80% -- that is only a fraction of the company.


That is why they said that a bird in the hand is worth two in the bush.

That is why they did not take a look at carl icahn 's proposal versus michael dell and silverlake.

They only waited it against the standalone option.

Is it time to go back and look at this?

First, you have to make the decision on the michael dell and silverlake offer.

Then, you progress to the next step.

Which is more uncertainty for shareholders.

Amid the pc business which is 11% down year over year.

The pc business is not going well.

One of the points he made was like, you can have your cake and eat it too.

This is a risk free scenario because you have 60 days to essentially make up your mind.

The shares will drop if the vote goes against michael dell and silverlake.

You can still take this.

There is the intervening time which will have fluctuation that people will not want to deal with.

This is close to the closing dates.

All of this comes at a single date and a single point.

You have option one, you take the deal.

You have option two, you vote against the deal.

Or you can vote to exercise your appraisal rights.

Then you have that 60 day window.

60 days of time, yes.

It will be an interesting time between now and the 18th.

Thank you so much.

This text has been automatically generated. It may not be 100% accurate.


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