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Blackstone Withdraws Dell Bid Relieving Pressure to Raise Price

Blackstone Group LP pulled out of bidding for Dell Inc. amid concerns about a worsening global PC slump, taking pressure off Chief Executive Officer Michael Dell to sweeten his original $24.4 billion buyout offer.

A record decline in first-quarter computer sales helped trigger the withdrawal, Blackstone said in a letter released yesterday. The world’s biggest buyout firm made a non-binding offer to acquire Dell last month, challenging plans by founder Dell and Silver Lake Management LLC to take the company private at $13.65 a share.