The offer was claimed to be a superior proposal to the $13.65 cash purchase price agreed to in the proposal by Michael Dell and Silver Lake. Dell shares closed Thursday at $13.95, valuing the group at $24.4 billion.
Blackstone did not immediately respond to a request for comment. The investors are likely to have been also influenced by troubles in the PC market.
On Tuesday, Intel reported a drop in profits and revenue for the first quarter, after research firms reported a slump in the PC market. First quarter PC shipments totaled 76.3 million units, down by about 14 percent, compared to the same quarter last year, according to research firm IDC. Despite its diversification into software and services, PCs still account for a significant share of Dell's revenue.
The quarterly drop in PC shipments has been described as the worst quarter in more than a decade. Analyst firms are predicting further drop in shipments over the coming years as more people move to tablets and smartphones.
Blackstone, in a letter to the special committee handling the negotiations, is said to have cited declining PC sales as a factor in its decision, besides concerns about declines in Dell's operating income, The Wall Street Journal reported, citing people familiar with the matter.
(IDG News Service reporter Agam Shah in Boston contributed to the story)