Dell Inc.'s (DELL) special committee said activist investor Carl Icahn's proposed tender offer for the computer maker isn't superior to the $24.4 billion buyout offer from the company's founder that is set for a vote on Thursday.

In a letter to stockholders, Dell's special committee said it continues to believe a sale at a premium remains a superior option to a leveraged recapitalization. The special committee also said it is "unwise to layer substantial financial risk on a company already facing significant challenges from competition and from the rapid pace of technological change."

Mr. Icahn has raised more than $5 billion to finance his plan to recapitalize Dell and last week, he enhanced his bid by adding a warrant component. Mr. Icahn reaffirmed his call for the company to launch a tender offer for 1.1 billion shares at $14 each, and added a warrant for every four shares tendered, giving shareholders the future right to purchase additional shares of Dell under certain conditions at $20 a share.

Mr. Icahn has estimated the total value to tendering shareholders would be about $15.50 to $18 a share, compared with the $13.65-a-share go-private offer from the company's founder, Michael Dell, and private equity firm Silver Lake Partners.

Dell's special committee said the addition of warrants to Mr. Icahn's proposal hasn't meaningfully altered the value equation, saying the warrants would be of modest value and would be partially offset by their dilutive effect on the stub equity held by the recipient. The special committee also said that Mr. Icahn's proposed financing can't be accepted by Dell, noting the financing is expressly conditioned on the election of all 12 of Mr. Icahn and Southeastern Asset Management's nominees to the company's board. The special committee also noted that Mr. Icahn's proposal "cautions that his transaction might never be completed and offers no remedies in the event that he or his nominees or financing sources fail to consummate a transaction."

Mr. Icahn, Dell's second-largest shareholder behind Mr. Dell, has repeatedly criticized the bid by founder and chief executive Mr. Dell and Silver Lake Partners, saying the proposal undervalues Dell's shares. Mr. Icahn looked to dispel Monday what he called a "scare tactic" by Dell, saying he expects the ailing PC maker to promptly hold an annual meeting in the event the proposed buyout offer is voted down at Thursday's shareholder vote.

Shareholder-advisory group Institutional Shareholder Services Inc., as well as Glass Lewis & Co. and Egan-Jones Proxy Services, last week recommended Dell stockholders vote for the buyout offer, improving the odds for Mr. Dell and Silver Lake.

Dell shares were down by two cents to $13 after hours. The stock is up 28% since the start of the year.

Write to Nathalie Tadena at nathalie.tadena@dowjones.com

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