Two key investors, Carl Icahn and Southeastern Asset Management have proposed an alternative deal for Dell that would allow the shareholder to continue to hold their shares in the company.

The two investors have written a letter to the Board of directors of Dell proposing to allow Dell shareholders to keep holding stock in the company and take additional US$12 a share in cash or stock. Icahn and South-eastern, both of which hold a significant stake in the company, had proposed their alternative plan in the month of March.

Icahn and South-eastern have also proposed a change in the Dell's board and management. The proposal is against a plan backed by founder Michael Dell and private-equity firm Silver Lake Partners that aims to make Dell a privately held firm. The deal backed by Mr. Dell is valued at US$24.4 billion and it offers to pay $13.65 per share in cash to the shareholders of the computing giant.

Meanwhile, Blackstone Group have said that it is withdrawing its bid for Dell in April as Dell recorded a fall of 14 per cent in market decline in PC volume in the first quarter of 2013.