Dell's board has already backed away from one shareholder vote on a Dell proposal that values the company at roughly $24.4 billion.
In a letter to the board, Dell and investment firm Silver Lake said they would increase their offer from $13.65 per share to $13.75 per share, an aggregate increase of $150 million.
The proposal came with conditions, however. The board, Dell and his backers said, had one day to think it over and accept the new terms or the bid would be "automatically" withdrawn Wednesday at 6 p.m. in New York.
The letter said the proposal was the "best and final proposal," and that they would not negotiate for any changes.
It also said the proposal was tied to a modification in the voting rules such that the only votes counted would be votes cast. In previous rules, any vote not cast would be counted as a no vote.
"We are not willing to discuss any further increase in the merger consideration nor are we willing to increase the merger consideration to $13.75 per share without the change to the Unaffiliated Stockholder Approval requirement described above," said the letter to the Dell board's special committee that is handling the proposal.
The first vote on the deal was scheduled for last Friday, USA Today reported. That was postponed, however, due to a lack of support for Dell's proposal, which the special committee has backed.
The vote was moved to late Wednesday, but that has been postponed to Aug. 2, to allow the board and shareholders time to consider the new deal, the special committee said.