Blackstone Bows Out, Playing Silver Lake's Tune

Law360, New York (April 19, 2013, 5:59 PM EDT) -- And then there were two.

The Blackstone Group LP dropped out of the bidding for Dell Inc. on Friday, leaving Carl Icahn as the only challenger to Silver Lake Partners' $24.4 billion buyout offer.

The way it did so — claiming it could find no more value in the struggling PC maker than Silver Lake already had — likely boosts Silver Lake's prospects and could even give the firm grounds to reopen negotiations at a lower price, attorneys said.

In a letter sent to Dell's special...
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