Shares of Dell (NASDAQ:DELL) fell more than 3% in Friday morning trading after one of the three bidders for the company withdrew its offer.
On Friday, a special committee of the embattled computer-maker’s board revealed that it had received a letter from Blackstone Group abandoning its bid for the company. In the letter, Blackstone said that recent drops in personal computer shipments had caused the firm to reconsider its offer, the Associated Press noted.
That topped February’s $13.65 a share bid from an investment consortium led by company co-founder Michael Dell.
With Blackstone’s withdrawal, Michael Dell must still contend with a competing bid from activist investor Carl Icahn, who is bidding to acquire a controlling 58% stake in the company for $15 a share. Icahn had previously proposed that Dell pay a $15 billion dividend to shareholders as an alternative to accepting Michael Dell’s takeover bid.