Reports had emerged that Michael Dell and Silver Lake were shopping their bid to various shareholders in an attempt to persuade enough owners of stock to win the bid at $13.65 a share. Their willingness to increase the bid, and their desire to restructure the pool of shares eligible to vote, suggests that the LBO team met enough resistance that they knew a win would elude them on Wednesday.

Icahn, who has led the opposition with Southeastern Asset Management -- T. Rowe Price has also come out against the deal -- and who has pitched various offers to stockholders to recapitalize Dell. had not weighed in on the new offer as of early Wednesday.

Early trading Wednesday suggested shareholders were not enthused by the sponsor-founder team's new bid, as the stock slipped further to around $12.80 a share.

Written by Jonathan Marino

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