Carl Icahn and Southeastern Asset Management Inc has reportedly made a new proposal to Derll's shareholders, the the Wall Street Journal reported. The opponents of the $24.4 billion buyout deal by Dell's founder, proposed giving Dell shareholders the option to keep holding stock in the company and take an additional $12 a share in cash or stock in a letter to Dell's board Thursday night, the paper said.

The letter said Icahn and Southeastern together hold 13 percent of Dell's stock. The duo have argued that the buyout effort from Michael Dell and private-equity firm Silver Lake Partners significantly undervalues the company, according to the paper.