The Blackstone group has withdrawn from the Dell bidding war. In a letter to the Dell special committee, the investment group says that  ‘significant adverse issues’ since the proposal was submitted on March 22nd have led them to reconsider their decision.

The issues include a 14 per cent market decline in PC volume in the first quarter of 2013, its steepest drop in history, and the eroding financial profile of Dell, as operating income projections for the current year was revised to $3.0 billion from $3.7 billion.