戴尔公司（Dell Inc.）特别委员会日前正式建议接受迈克尔•戴尔和银湖资本（Silver Lake Partners）给出的每股13.65美元的全面收购出价，并宣布股东投票将于7月18日进行。

    这没什么可奇怪的，因为事实上并没有其他出价。联合持有戴尔近13%股权的卡尔•伊坎和东南资产管理公司（Southeastern Asset Management）曾表示，当前的出价不够高，他们打算出价12美元收购（其中也包括公共股权存根）。

    但迄今为止，一直嚷嚷要收购的伊坎和东南资产管理公司并没有给出一个获得完全融资的出价。他们也没有选定关键的管理层接班人，包括谁将接替现任CEO迈克尔•戴尔，这一点对于公众股权存根的持有人意义重大。

    那么，伊坎和东南资产管理公司还打算付诸行动吗？

    据东南资产管理公司称，答案是肯定的。上周五下午，东南资产管理公司向戴尔股东发了一封公开信，要求他们“暂缓签署或回复......戴尔发送的股票代理授权书”。公开信还表示，它将在“不远的将来”提出自己的代理权声明。

    伊坎没有在这封信上签字，但公开信一再提到伊坎，伊坎自己也多次表示双方正在携手努力。

    东南资产管理公司的公开信没有解释为什么推迟了出价，但人们回响，这家公司可能还没有凑足52亿美元的债务融资（此项融资由Jefferies牵头）。

    这就是现在的状况。“不远的将来”就会出现对戴尔的竞争性收购要约。换句话说，收购戴尔的长篇连载现在还远远没到结束的时候......

    Dell Inc.'s special committee today formally recommended the $13.65 per share buyout offer from Michael Dell and Silver Lake Partners, and announced that the shareholder vote will take place on July 18.

    No big surprise there, given that there isn't actually another offer on the table yet. Carl Icahn and Southeastern Asset Management -- which hold a combined stake of nearly 13% in Dell (DELL) -- have said that the current offer is insufficient, and that they plan to propose a $12 per share deal that also includes stub equity.

    But to date, Icahn and SAM have made a lot of noise without putting together a fully-financed offer. They also haven't identified key management hires, including who would replace CEO Michael Dell, which would matter a lot to holders of the public stub.

    So do Icahn and SAM ever plan to actually put their words into action?

    According to SAM, the answer is yes. This afternoon it released an open letter to Dell shareholders, asking them to "refrain from signing or returning... any proxy card sent to you by Dell." It also said that it will make its own proxy statement available to stockholders "in the near future."

    The letter is not co-signed by Icahn, but he is name-checked repeatedly and Icahn has repeatedly acknowledged that the two are working together.

    SAM's letter gives no explanation for the hold up, although one would imagine that it hasn't yet been able to cobble together the $5.2 billion debt package (which is being led by Jefferies).

    So there you have it. There will be a rival bid for Dell "in the near future." In other words, this long saga isn't quite over yet...