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Blackstone Withdraws Proposal For Dell - Quick Facts

The Special Committee of the Board of Dell Inc. (DELL: Quote) announced Friday that it has been informed by Blackstone Management Partners L.L.C. that the group led by Blackstone has decided not to submit a definitive proposal to acquire the company and is withdrawing from the process.

"While we still believe that Dell is a leading global company with strong market positions, a number of significant adverse issues have surfaced since we submitted our letter proposal to you on March 22nd, including: 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; and the rapidly eroding financial profile of Dell. Since our bid submission, we learned that the company revised its operating income projections for the current year to $3.0 billion from $3.7 billion", Blackstone said in a letter.

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by RTT Staff Writer

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With disappointing earnings news generating some selling pressure, stocks have moved mostly lower in early trading on Friday. The major averages have slid firmly into negative territory after ending the previous session nearly flat. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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