Dell Inc. said the tender offer proposed by billionaire investor Carl Icahn as an alternative to a planned buyout by Chief Executive Officer Michael Dell has a $2.9 billion funding shortfall, making it less valuable.

After accounting for near-term debt obligations and minimum cash needs to run the company, Icahn’s $14-a-share offer would be worth about $8.15 per share, a special committee for Dell’s board said in a regulatory filing today. First pitched in early January, the offer from CEO Dell and equity firm Silver Lake Management LLC firm is $24.4 billion.

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