It is believed that Michael Dell and Silver Lake Management are not likely to increase their bid valued at $24.4 billion for acquiring Dell Inc, according to people closer to the matter.

Dell and Silver Lake have said that they will not increase the bid from $13.65-a-share offer, which was made in February saying that it is a fair and significant premium to the share value. A special committee entrusted with the task of evaluation investment proposals in computing giant, Dell has said that it is backing a buyout proposal by Silver Lake Partners and founder Michael Dell that offers $13.65 a share to the shareholders.

The backing of the proposal is a major setback for activist investor Carl Icahn. The special committee has written to the shareholders of Dell recommending them to vote in favour of Silver Lake and Michael Dell's takeover during the company's shareholder meeting on July 18, 2013.

Mr. Icahn increased the bid value by almost double and also asked the company to issue a tender offer for 1.1 billion shares at $14 each. He wrote in a letter to Dell shareholders and members of its special committee that he has already secured lender commitments for $5.2 billion in debt financing. He pointed out that the remarks would dispel suggestions that the funds will not be available for the acquisition.

Icahn, Southeastern and other large independent shareholders such as T. Rowe Price have already said that they will not vote in favour of Silver Lake's buyout offer.