Blackstone backs out of Dell bid

  • Blackstone has decided not to place a bid for computer firm Dell due to lower sales and qualms over the company's finances.

    Blackstone said on Friday that it was concerned by an "unprecedented" drop in PC sales.

    Billionaire investor Carl Icahn and a consortium led by the company’s founder, Michael Dell, remain in the race.

    Dell, joined by private-equity firm Silver Lake Partners, has offered a $24.4 billion buyout of the company, which has attracted criticism from some shareholders who feel the offer is too low.