Dell: Carl Icahn's offer is $3.9bn too low A special Dell board committee still favours a buyout offer from the struggling PC maker's chief executive and founder, Michael Dell, and investment firm Silver Lake Partners. That bid would take the company private for $24.4bn, or $13.65 per share, AP reported. Southeastern, Dell's biggest independent shareholder, and Mr Icahn teamed in May to pitch an alternative plan that would let Dell shareholders keep their stake in the company and give them either $12 per share in cash or additional shares. Dell's special committee said in a regulatory filing on Wednesday that if 20pc of shareholders chose the stock option in the Southeastern/Icahn offer, the $12 per share that they would get under the proposal would be trimmed to $9.35. If only Southeastern and Mr Icahn chose stock, the $12 per share would be reduced to $8.50. Dell's special committee was formed last August after Michael Dell told the board he was considering taking the company private. It said it negotiated six price increases with Michael Dell and Silver Lake. The committee said it also contacted 21 strategic and 52 financial buyers, but a superior offer did not materialize. Dell and other personal computer makers have seen sales crumble because of the growing popularity of smartphones and tablets. In May Dell posted a 79pc decline in earnings for the most recent quarter. Michael Dell believes he can turn the Texn company around by taking it private and diversifying into niches, such as business software, data storage and consulting. Dell has asked its shareholders to approve the offer from Michael Dell and Silver Lake in a July 18 vote.