Billionaire Carl Icahn gave up his fight to control Dell (Nasdaq: DELL) Monday, saying he continues to oppose founder Michael Dell’s $24.9 billion plan to take the company private because it undervalues the computer maker.

Dell and partner Silver Lake Management LLC sweetened their takeover proposal last month, offering a dividend of 13 cents a share on top of an already increased $13.75-a-share bid for the computer maker. The price is still 70 percent below the stock’s 10-year high of $42.38, Icahn said in a filing today.

“I realize that some stockholders will be disappointed that we do not fight on,” Icahn said. “While we of course are saddened at our losing the battle to control Dell, it certainly makes the loss a lot more tolerable in that as a result of our involvement, Michael Dell/Silver Lake increased what they said was their ‘best and final offer.’”

While Icahn said he was still against the proposal and would seek appraisal rights, his surrender removes a major obstacle to the takeover bid. Dell, who serves as chairman and chief executive officer, is pushing to take the PC maker private so he can execute a turnaround plan outside the spotlight of public markets.

Shareholders will convene on Sept. 12 at Dell’s Round Rock, Texas, headquarters to vote on the buyout. It’s the fourth such scheduled meeting — the previous three were adjourned amid procedural steps by CEO Dell, Silver Lake and the special committee of Dell’s board managing the process. Investor- advisory firms Institutional Shareholder Services Inc., Glass, Lewis & Co. and Egan-Jones Ratings Co. have all put out reports reiterating their endorsement of the buyout.

The Silver Lake-led group sweetened its offer on Aug. 2 and guaranteed payment of the company’s third-quarter dividend by the time the deal closes.

The moves swayed investors including Franklin Mutual Advisers and BlackRock Inc. to support the deal. The vote this week would effectively mark the end of a saga that’s stretched out for most of this year as Dell tried to win support for his buyout against opposition by Icahn and other dissident shareholders.