Blackstone Group LP pulled out of bidding for Dell Inc. amid concerns about the personal-computer maker’s finances and the worsening outlook for global PC sales.
In a letter to Dell’s board, Blackstone cited an “unprecedented” 14 percent market decline in PC volume in the first quarter, according to a statement today. The world’s biggest buyout firm made a non-binding offer to acquire Dell last month, rivaling a $24.4 billion joint bid by founder Michael Dell and Silver Lake Management LLC, the largest proposed leveraged buyout since the financial crisis.
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