Blackstone Steps Down In Bidding War For Dell
Private equity company, Blackstone has stepped down from a bid for Dell. Blackstone decided to get out of the bid because of lagging PC sales and Dell’s financial picture, according to Reuters. In Q1, 2013, sales of PCs dropped 13.9% globally.
Dell founder Michael Dell has been working on a deal of his own to take the company private for $24.4 billion. Blackstone and billionaire investor Carl Icahn both opposed Michael Dell’s deal and prepared counter deals.
Icahn offered around $15 per share for about 58% of the company. Blackstone was willing to spend around $14.25 per share for 100% of Dell’s stock. Now that Blackstone is out, the court is now strictly Michael Dell vs. Carl Icahn.