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Blackstone, Icahn seen likely to offer bids for Dell
by Staff Writers
New York (AFP) March 23, 2013


Investment fund Blackstone sent a letter to Dell late Friday indicating it was finalizing a countoffer to buy it out, a source told AFP Saturday.

Billionaire Carl Icahn also notified the computer maker he was working on a firm bid, the Wall Street Journal reported on its website, citing people familiar with the matter.

In February, Dell unveiled plans to go private in a $24.4 billion deal. The private equity buyout led by founder Michael Dell, backed by equity investment firm Silver Lake, would give shareholders $13.65 per share. The company had set a Friday deadline for alternative offers.

According to the Wall Street Journal, the Blackstone letter does not detail a bid but "offers a range that is higher than the existing $13.65 per share offer but lower than $15 per share."

The newspaper, citing unnamed sources, also reported the letter said Blackstone envisions potentially selling Dell's financial-services business to help fund the deal. GE Capital is seen as a "likely buyer," it added.

Spokespeople for Dell and Blackstone declined comment. An Icahn spokesman could not be reached.

The Dell-led buyout plan would include a $2 billion loan from Microsoft.

The move would de-list the company from stock markets and could ease some pressure on Dell, which is cash-rich but has seen profits slump as it tries to reduce dependence on the shrinking market for personal computers.

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