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

Blackstone Group has withdrawn its bid for Dell less than a month after proposing a last-minute offer for the struggling computer company.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.

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This article was originally published on BGR.com