NEW YORK ( TheStreet) -- Dell (DELL) made headlines when it unsurprisingly adjourned the buyout voting scheduled for Thursday. TheStreet's Jim Cramer and Debra Borchardt discuss what's the best move for shareholders.
The vote, now rescheduled for July 24, was clearly not going to tilt in founder Michael Dell's favor. He's now hoping that he will be able to convince shareholders that his bid is the best for the company moving forward.
However, in order for that to happen, Cramer said Dell was going to have raise his offer. Even an increase of 10 or 15 cents per share could make a huge difference, but it's what he's going to have to do if he wants to keep his company.
Carl Icahn, the other bidder for Dell, made it abundantly clear at the Delivering Alpha Conference that he's completely comfortable with his bid and like Cramer, says Dell will have to raise his bid if he wants to hold on.
Cramer added that he thinks Michael Dell got the message. He's not just bidding for the company, but bidding against Icahn, meaning he will really need to step up to the plate if he wants to win.
Although big egos continue to slug it out for the computer maker, Cramer said he doesn't want any part of it. He says the company is behind the times and should just let Icahn take it over, although Cramer added that that's unlikely.
If the shareholders are committed to making as much money as possible in the short-term, they should go with Icahn, Cramer said, adding, "It could be open and shut if Dell just bids a little more."
-- Written by Bret Kenwell in Petoskey, Mich.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in stocks mentioned.