Michael Dell and private equity firm Silver Lake have come to terms on a new deal with the PC maker's special board committee just hours before shareholders were expected to vote on the old deal. The group's offer was raised from $13.65 per share to $13.75 per share in addition to a special one-time $0.13 dividend for shareholders in exchange for modifying the way shareholder votes are tallied.

Under the new deal, shareholders are also guaranteed to receive Dell's regular dividend that will be paid for the third quarter. Had the transaction closed before late October, shareholders would have missed out on this extra payday which translates to an extra $120 million.

In total, the revised offer and special dividend will give shareholders an additional $350 million which when combined with the regular dividend, brings the total offer on the table to $24.9 billion. For what it's worth, Michael Dell is funding the special dividend payment out of his own pocket.

The new arrangement will see that only votes that are actually submitted will count toward the final tally. Previously, abstentions were marked as "no" votes. It's a change that Michael Dell and his group of investors believe will give them a better chance of success.

Moving forward, the special committee has set a deadline of August 13 for shareholders eligible to vote on the transaction. The date for another vote has been rescheduled for September 12, the special committee noted.