Carl Icahn urged shareholders earlier this week to get their Dell Inc (NASDAQ:DELL) shares appraised and push for a higher price for their stock if or when Michael Dell takes the company private. Then he said he would sweeten his bid today. But as it turns out, Icahn will likely take a profit of some kind—unless the company’s status doesn’t change at all.

carl icahn

The Quest For Dell

The drama involving the fate of Dell has been going on for much of the year, ever since founder Michael Dell offered $13.65 per share to take the company private. As a major shareholder of the company, Icahn has been maintaining that Mr. Dell’s offer greatly undervalues the company and trying to get shareholders to reject that deal and go for his offer instead. Now he just wants more.

Reuters estimates that even if Mr. Dell wins the battle, Icahn’s profits will be around $10.7 million, reports CNBC. But if Icahn wins, he will have the company, which he apparently thinks he can use to turn profits even larger than that. But then again, if nothing changes at Dell Inc (NASDAQ:DELL), then it’s possible that Icahn will lose hundreds of millions of dollars on his gamble.

What’s Really Ahead For Dell?

Currently it looks as if Mr. Dell will prevail, but investors are undoubtedly waiting to see what Icahn’s sweetened offer will look like today. We’re expecting to see that new offer any time now, and it’s anyone’s guess what it will be. His current offer is for Dell Inc (NASDAQ:DELL) to tender 1.1 billion shares at a value of $14 per share.

He says his offer leaves the company with less debt than Mr. Dell’s offer, but the PC maker’s special committee has made the case for why Icahn might be short by millions of dollars in his estimates for how much cash is needed to close his transaction.

It certainly looks like Icahn won’t be leaving this fight alone any time soon, so the drama is sure to just get worse before it gets better. The battle sides have been drawn, with key shareholder advisory firm Institutional Shareholder Services siding with Mr. Dell and fellow investor Donald Yacktman siding with Icahn. We’ll have to wait and see what kind of offer Icahn tosses out today because it will likely change the name yet again.