According to Dell's board committee, Carl Icahn's takeover deal is unrealistic as a projected US$3.9 billion shortfall in funding. The calculated gap is needed to fund a dividend proposal to be able to run a company.

The board committee stated in a regulatory filing today that with the estimated gap, the value of Icahn's proposed deal to be at US$12-share dividend will decrease to US$9.35. If Icahn and its partner, Southeastern Asset Management Inc. will be the only shareholders for the equity stub, it will get the planned deal reduced to US$8.50,

The committee has pointed out inadequacies in Icahn's offered deal prior to the shareholder vote next month. They are seeking to rally support for the US$24.4 billion deal by CEO Michael Dell along with Silver Lake Management LLC to get the third biggest PC maker private sale.

Last May, Icahn and Southeastern has offered an alternative buyout plan. This agreement proposed investors US$12 a share in cash or stock while allowing them to retain stakes in a public firm.

CEO Dell offers to buy the company for US$13.65 a share in cash to make the firm more competitive in private regardless of the decline in the PC market.