Dell sets buyout deal with Michael Dell

Michael Dell
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Michael Dell

The deal Michael Dell has been pushing for has officially been approved.

Dell's special committee, the board of directors and the buyout group—CEO Michael Dell and Silver Lake—have come to a new agreement that raises the buyout price to $13.75 a share plus a 13 cent dividend and a dividend of 8 cents in the third quarter.

After word of the agreement surface, Dell's shares spiked by more than 5 percent. (For the latest stock price, click here.)

As part of the deal announced Friday, the special committee has agreed to change the voting standard for the buyout group's higher offer. The record date has also been moved to mid-August from mid-September.

Dell has been in an ongoing battle with activist investor Carl Icahn, who is also bidding for the PC maker in an effort to block Dell from taking the company private.

Icahn's latest attempt to block Dell came Thursday, when he filed a lawsuit to prevent Dell from moving the record date.

(Read more: Icahn files lawsuit over latest Dell buyout offer)

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.