Blackstone No Longer Interested In Buying Dell Due To Poor PC SalesSat, Apr 20, 2013 - 8:34 AM
Blackstone has decided not to submit a bid for computer company Dell, citing falling sales and fears over the company’s finances. Blackstone said it was concerned by an “unprecedented” drop in PC sales and Dell’s “rapidly eroding financial profile.” Since Blackstone submitted its bid, Dell had reduced its operating income projections for the current year to $3 bn (£1.95bn), down from $3.7bn. Currently CEO Michael Dell and a group of investors led by Silver Lake Partners are offering to take Dell private for $24.4 billion, or $13.65 per share. Carl Icahn said he would buy up to 58% of Dell’s shares for $15 each, so who knows what will happen.