NEW YORK (TheStreet) -- In another twist in the Dell (DELL) takeover saga, Michael Dell is raising his bid, while the shareholder vote is being postponed -- again. Examining what all of this means is TheStreet's Debra Borchardt, Antoine Gara, and Jonathan Marino.

Founder Michael Dell and Silverlake raised their offer by 10 cents per share, bringing it to $13.75. However, the special committee is taking issue with the bidders' new request to ignore nonvoting shares.

Although the bid was moved higher and many thought that that would be enough to capture the votes from some of the big shareholders who remain on the fence, it must not have been high enough, because the vote was rescheduled again.

Gara said shareholders likely have not heard the last from hedge fund manager Carl Icahn, who is the other bidder for Dell. Icahn, who is notorious for creative deals regarding takeover candidates, likely has an interesting card up his sleeve, Gara said.

With competitor Hewlett-Packard ( HPQ) up more than 80% on the year, Icahn should use this to his advantage, according to Marino, who also said Icahn will likely bring something different to the table before the next scheduled vote. Marino argued, however, that there's still not a whole lot of upside left in the share price.

But the major question remains: Will the special committee agree to the concessions of the Dell/Silverlake offer? If they do, Gara concluded that it would be a huge change of events in the six months of buyout chatter.

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

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein'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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