Billionaire investor Carl Icahn revealed that he wants Michael Dell to improve his US$24.4 billion acquisition proposal for Dell Inc. Icahn also suggested to improve his own offer for the Dell Inc. by tomorrow morning.

Carl Icahn, who holds 8.7% share in Dell,  said today on Bloomberg TV that the his new offer should make it far more superior to Michael Dell's offer, adding that he'll be going in to improve his deal, which he says is superior as it is.

Icahn also explained he will insert a warrant to his $14 offer that offers holders additional stock should Dell's stock price climb to "around $20." Securities acts such as equity options are common in buyouts as a method of maximizing valuation and attracting investors.

Icahn has been trying for months to force Michael Dell and his acquisition partner for this deal, Silver Lake Management LLC, to improve their $13.65 per share deal. Icahn's improved package will offer Dell shareholders US$14 per share. The Ichan's new offer should be able to retain the equity in a publicly traded part of the firm compared to Dell's offer that will take all the shares off the shelf for external investors.