A proposed buyout of computer maker Dell Inc. appeared less likely Thursday after activist investor Carl Icahn said Dell should remain a public company and reward shareholders with a big, one-time payout.

The proposal further muddies a deal that already faced uncertain odds. Some of the company’s biggest shareholders already had objected to the proposed buyout by founder and CEO Michael Dell. They say Dell’s $24.4 billion offer undervalues the company.

In a letter dated March 5, Icahn said the company is worth far more than the $13.65 per share offered by Dell and his partner, investment manager Silver Lake.

If Dell’s offer is rejected, he wants the company to pay shareholders a special dividend of $9 per share. He says the payout will compensate them for the company’s weak performance while allowing them to profit from Dell’s eventual recovery.

— Staff and wire reports