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Blackstone withdraws from race to buy Dell

2013-04-19 13:38:00| Telecompaper Headlines

(Telecompaper) Blackstone has withdrawn from a three-way race to acquire computer maker Dell, citing a 14 percent market drop in PC sales in the first quarter and "the rapidly eroding financial profile of Dell". A letter released by Dell's special committee and signed by Boulder Acquisition, on its behalf and that of Blackstone, Francisco Partners, Insight Venture Partners and Riverwood Capital, states the partners will likely not pursue this opportunity, while expressing their gratitude to Michael Dell and the management team for their time and due diligence information. This leaves Dell with an original buyout bid by CEO Michael Dell and investors led by Silver Lake for USD 24.4 billion, or USD 13.65 a share, and a preliminary proposal of up to USD 15 a share from Carl Icahn.

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