Dell Discusses Sweetening Tracking-Stock Offer With Large Shareholders

A deal would mark Dell’s return to public markets and simplify its complex structure

Dell Technologies Inc. has been contacting large shareholders of an affiliate about sweetening a roughly $22 billion bid to buy them out before the unpopular deal goes to a vote next month.

In the past week, Dell representatives have approached a handful of large holders of shares in Dell Technologies Inc. Class V, known by its ticker DVMT, to discuss what they would need in a recut deal, people familiar with the matter said.

Dell...