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.
Previously on abfjournal.com:
CFO: Dell’s Largest Shareholder Balks at Deal, Friday, April 12, 2013