Carl Icahn boosted his stake in Dell Inc. (NASDAQ:DELL) and acquired additional four million shares of the PC maker based on the latest regulatory filing of the activist investor with the Securities and Exchange Commission (SEC). The purchases took place on August 1, 2013 according to the filing.

carl icahn

Icahn’s Stake in Dell

Currently, Icahn owns 156, 478,650 shares or 8.9 percent of Dell Inc. (NASDAQ:DELL), up from 8.7%. He amassed the 4 million shares in the PC maker at $12.94 per share amid his ongoing battle to take over the third largest PC maker.

Last week, Michael Dell, founder and the largest shareholder of Dell Inc. (NASDAQ:DELL) and Silver Lake sweetened their go-private buyout proposal for the company to $25 billion or $13.75 per share. In addition, the Michael Dell led group agreed to pay a special dividend of $0.13 per share, and Dell shareholders will be entitled for three quarterly regular dividends of $0.08 per share.

In return, the special committee of the PC maker agreed to change the voting rules of the company and postponed scheduled voting on the bid in the middle of August. Under the previous voting rules, abstentions are counted as ‘no’ votes, but under the new voting system those votes will not be included from the tally.

Alex Mandl, chairman of Dell’s special committee explained the reasons behind its decision to change the voting system of the company: He said, “The original voting standard was set at a time when the decision before the shareholders was between a going-private transaction and a continuation of the status quo.”

He added that the emergence of an alternative proposal changed the nature of choice confronting shareholders. According to him, it is inappropriate to count shares that have not been voted as having been voted in support for any alternative bid.

Icahn filed a lawsuit against Dell Inc. (NASDAQ:DELL) in an attempt to stop the company from changing the voting rules and schedule. In addition, he wants the court to rule that the board of the company breached their fiduciary duty and to prevent Mr. Dell from acquiring additional stake in the company. He is also seeking damages for any losses incurred. Earlier this year, Icahn agreed to keep his stockholding in the PC maker below 10 percent.

In a statement last Friday, Icahn emphasized that Dell takeover battle is far from over. He said,”We are not satisfied. We believe that an increase of a mere 13 cents is an insult to shareholders.” He added that the special committee of Dell Inc. (NASDAQ:DELL) is “improperly putting its thumb on the scales in favor of Mr. Dell’s offer.”