Investor Carl Icahn, together with Southeastern Asset Management, has proposed a deal to Dell that would give the company’s shareholders the option to either receive $12 per share in cash, or $12 in additional shares valued at $1.65 per share. This alternative would keep Dell from becoming private.

A special committee of Dell’s board said in a statement that it is reviewing the proposal.

Dell is expected to hold a meeting to vote on the company’s founder and CEO Michael Dell’s buyout proposal in the coming months. 

Mr. Icahn and Southeastern control about 11.5 per cent of Dell’s stock.