Investor Dumps Dell After Record PC Downturn
Over the weekend venture capital company Blackstone said that they were no longer interested in buying into the struggling company after spending the last few weeks inspecting Dell’s books.
Blackstone was expected to make a $24.4m bid for the Company but shortly after quarterly PC sales numbers came out that showed a 14 percent market decline in PC volume in the first quarter of 2013, its steepest drop in history the company announced that the deal was off.
Carl Icahn remains the only rival to Silver Lake and Michael Dell’s plan to privatise the company.
In a letter sent to Dell’s board, Blackstone cited “an unprecedented 14 percent market decline in PC volume in the first quarter of 2013, its steepest drop in history, and inconsistent with management’s projections for modest industry growth.”