"A bidding war for Dell Inc. DELL 0.00% looks likely, with Blackstone Group LP BX -0.95% and Carl Icahn expressing interest in the company before a key deadline for offers expired Friday. Blackstone and Mr. Icahn, an activist investor, each notified a special committee of Dell's board that they are working on firm bids for the computer maker, which will afford them four more days to put together offers, people familiar with the matter said. One person characterized Blackstone's expression of interest as a preliminary bid. The special committee expects to get firm bids from the private-equity firm and Mr. Icahn, the person said. The prospective bids would give the company alternatives to a $24.4 billion buyout led by founder Michael Dell and private-equity firm Silver Lake Partners." http://online.wsj.com/article/SB10001424127887324557804578378473145351916.html
That article said the bids are lower than $15. Applying the usual 6% discount for buyouts, representing the risk of not getting funding and regulatory approval, gives an expected PPS of $14.10, about where DELL closed on Friday.