Blackstone drops put of race for Dell

Michael Dell faces just one rival in the bid to take ownership of the company he founded after Blackstone dropped out of the running

Michael Dell looks like facing one less competitor in his attempt to take the firm he founded with one of the two rival suitors dropping out of the race to take control of the PC maker.

According to wire reports The Blackstone Group has stepped out of the race after it took a closer look at the vendor's business and decided it wasn't quite what it wanted to be buying.

That leaves Michael Dell's bid, which is supported by Silver Lake, competing with the other offer on the table from billionaire investor Carl Icahn, who felt compelled to mount his own proposal after arguing that shareholders were not being offered good value.

Blackstone is reported to have informed Dell's board that it is no longer pursuing a bid with some linking the timing with the stark report by IDC into the state of the PC industry with global sales continuing to tumble.

Earlier this week the Dell special committee looking into the bid process revealed that it had come to an agreement with Icahn over the limits to his potential ownership of the company and allowed him to contact other shareholders about a possible bid for the vendor.

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