Blackstone Management has withdrawn its offer to buy Dell (UNKNOWN:UNKNOWN), citing "a number of significant adverse issues [that] have surfaced," including a steep drop in PC sales and a "rapidly eroding financial profile of Dell."
Dell released Blackstone's letter, dated Thursday, in a press release this morning announcing Blackstone's move. "Blackstone has decided not to submit a definitive proposal to acquire the company and is withdrawing from the process," said Dell.
The letter from Blackstone to Dell's presiding director, Alex Mandlwhich, listed reasons for Blackstone's move, including:
- Dell's "unprecedented" 14% market decline in PC volume in Q1 2013.
- The company's revising operating income projections for the current year from $3.7 billion to $3 billion.
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