NEW YORK (TheStreet) -- Is there any room left in the Dell (DELL) bidding war? TheStreet'sDebra Borchardt and Scott Redler, chief strategic officer of T3Live.com, give us the inside scoop.

Michael Dell wants to keep his company and take it private for $13.60 per share. Money manager Carl Icahn wants to do the same thing, but is willing to pay $14 per share. So where's the room for traders in all of it?

According to Redler, there isn't. While there was solid action a couple of months ago when the drama first began, it has since died down a bit, and the stock has begun to flatline.

It has essentially just become a headline, rather than any tradable event, and has fairly limited upside.

But for those who are looking to participate, Redler suggests doing so via a call spread. By buying the August 13 calls and selling the August 14 calls, traders can capture the difference, assuming the deal gets done between $14 and $14.50.

Redler suggests the August expiration because he expects the deal to be done by then. With limited upside potential and plenty of downside risk if things fall apart, there's too much at stake to own the common stock.

"I would take their money and run," Redler concluded, referring to Icahn and Dell.

-- Written by Bret Kenwell in Petoskey, Mich. .

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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