If they do, Michael Dell could up his offer. Some think a new offer could top the $15 mark.
(Read More: Blackstone Asks Oracle's Hurd If He Wants to Run Dell)
Without predicting that price outright, Morningstar Equity Analyst Carr Lanphier said, "Michael Dell has a fairly extensive fortune at his disposal. If he really wants to take over this company, he'll probably come out with a higher offer."
But the options market isn't buying it.
Two biggest trades of the morning saw people selling calls, Brian Stutland of Stutland Volatility Group pointed out, meaning that traders "don't think the bids by Icahn and Blackstone will push the stock any higher than where it is trading now."
If the options market has it right, Stutland said, "$15 is the top end of where this merry-go-round stops."
(Read More: Icahn in Confidentiality Pact With Dell)
—By CNBC's Alex Rosenberg