logo
Share SHARE
FONT-SIZE Plus   Neg

Blackstone Withdraws Proposal For Dell - Quick Facts

The Special Committee of the Board of Dell Inc. (DELL) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Casino operator Las Vegas Sands Corp. (LVS), Wednesday reported an increase in profit for the first quarter, gambling business in Macao, China, the world's biggest gambling market, revives. Earnings for the quarter trumped Wall Street expectations, as did revenues. First-quarter profit rose to $480... Photo and video sharing app Instagram has touched a new milestone with an impressive 700 million users. The Museum of Failures is set to open in Helsingborg, Sweden in June. The museum will feature a collection of innovation failures that will provide visitors a fascinating learning experience. The museum's collection consists of over sixty epic failed products and services from around the world.
comments powered by Disqus
Follow RTT