Carl Icahn has announced that he has entered into an agreement with Dell Inc. (NASDAQ:DELL) to facilitate discussions between Icahn and other investors to seek alternatives to the February 5 plan that outlines a path toward privatization for the company. Icahn is one of the many Dell shareholders opposing the plan.

Carl Icahn

Earlier today it was announced that Dell Inc. (NASDAQ:DELL) had reached an agreement with Carl Icahn that would ensure the investor would limit his stake in the company to less than 10 percent. The news was taken by some analysts as a sign that the investor would stop trying to block the deal that would see the PC giant go private. The most recent statement from Icahn suggests otherwise.

According to Icahn, “My affiliates and I expect to engage in meaningful discussions with other Dell shareholders, discussions that we believe will help to facilitate alternatives to the existing transaction with Michael Dell.” The investor also makes it clear that he has not waived his right to fight a proxy battle at the company.

Icahn refused a $25 million deal that would have seen him waive his right to pursue a proxy battle at Dell Inc. (NASDAQ:DELL). The veteran investor is keeping his options open, and it is clear that he has not finished his fight to see a better deal for Dell Inc. (NASDAQ:DELL) shareholders, including himself.

Carl Icahn holds about $1 billion of shares in Dell Inc. (NASDAQ:DELL). On March 14 he filed a motion to get permission to acquire up to 25 percent of the company. Icahn was given permission to do so by the Federal Trade Commission on April 10. Dell immediately entered talks to curb the investors influence in the company.

Today’s agreement means that Icahn will not be allowed to acquire more than 10 percent of the company, nor will he be allowed to enter into agreements with other shareholders who hold more than 15 percent of the outstanding shares in Dell Inc. (NASDAQ:DELL) collectively.

The waiver that allows him a “free exchange of ideas” with other Dell shareholders was given in exchange for that agreement. Under Delaware law, Icahn would normally not be allowed to interact with shareholders in such a way without the permission of the company involved.

This news means that Icahn has not given up on his agenda to find a better deal at Dell Inc. (NASDAQ:DELL). This just means he’ll be using a more indirect, and possibly less expensive, way to do so.