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Blackstone withdraws Dell bid, points to company’s ‘deteriorating’ PC business

Published Apr 19th, 2013 9:10PM EDT
Blackstone ends bid for Dell as PC industry continues to suffer

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Blackstone Group has withdrawn its bid for Dell less than a month after proposing a last-minute offer for the struggling computer company. The private equity firm withdrew its bid after “discovering that Dell’s business was deteriorating faster than previously understood,” Bloomberg reported. Blackstone previously offered the company $14.25 per share to counter a previous bid from founder Michael Dell and Silver Lake Management’s amounting to $13.65 per share. Investor Carl Icahn is also interested in the company and offered to purchase an additional $2 billion worth of Dell’s stock at $15 per share, and to provide $2 billion of cash equity financing.

Dan joins the BGR team as the Android Editor, covering all things relating to Google’s premiere operating system. His work has appeared on Fox News, Fox Business and Yahoo News, among other publications. When he isn’t testing the latest devices or apps, he can be found enjoying the sights and sounds of New York City.