Wilting demand for PCs has persuaded one of the bidders for hardware giant Dell to drop out of the race for control, strengthening founder Michael Dell's chances of sealing a $24bn deal, according to reports.
According to the Wall Street Journal, the Blackstock group pulled out of the running because of the worsening outlook for global PC sales.
The WSJ said Blackstone had written to Dell's board detailing its decision to pull out, citing falling PC sales and Dell's declining operating income as the reasons for its decision. The WSJ report is based on an unnamed source familiar with the letter's contents.
Recent figures from analyst firm Gartner showed that PC sales had seen their largest ever quarterly slump, dropping 11 percent in the first quarter of 2013.
Michael Dell teamed up with equity group Silver Lake and Microsoft to propose a $24.4bn deal to take Dell private last year. His aim was to shield the firm from the intense quarterly scrutiny of Wall Street, while giving it time to restructure.
But those proposals have been criticised by some investors, arguing the deal undervalued the firm. It also flushed out rival bidders in Blackstone and a group led by shareholder activist Carl Icahn.
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