Last month, Dell allowed Carl Icahn to come up with an alternative to founder Michael Dell’s proprosed $24.4 billion buyout of the company, and now he and Southeastern Asset Management are telling shareholders what they have in mind. The Wall Street Journal reports that the plan would pay $12 a share in cash or stock, and while that’s considerably lower than the $13.65 a share Michael Dell is proposing in his bid to take the company private, it would allow shareholders that don’t want to sell to hold onto their shares.

The remaining shares would remain publicly traded in what’s known as a "stub," a key feature of the deal proposed by the Blackstone Group before backing out last month. Icahn and others have maintained that Dell’s stock is worth more than what its founder is offering, and Southeastern has been vocal about its expectations for a rebound in Dell’s fortunes, writes The New York Times.

In a letter to Dell’s board, Icahn and Southeastern president G. Staley Cates wrote, "we are often cynical about corporate boards, but this board has brought that cynicism to new heights." The pair added that, "you now have the opportunity to ameliorate the damage that we believe you have caused to Dell and its shareholders by following the fair and reasonable path set forth in this letter."