Blackstone Withdraws Dell Bid Amid Worsening PC Slump
Bloomberg reported that the Blackstone Group pulled out of bidding for Dell amid concerns about a worsening global PC slump, taking pressure off CEO Michael Dell to sweeten his original $24.4 billion buyout offer.
Bloomberg said, referring to a letter released by Blackstone, that a record decline in first-quarter computer sales helped trigger the withdrawal.
Bloomberg noted that PC shipments plummeted 14% in the first quarter, the worst decline since researcher IDC began tracking data in 1994.
To read the Bloomberg story, click here.
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