Another bidder, Blackstone Group, gave up its bid for Dell in April citing "an unprecedented 14 percent market decline in PC volume in the first quarter of 2013" and the company's eroding financial profile. "Since our bid submission, we learned that the company revised its operating income projections for the current year to $3.0 billion from $3.7 billion," it said. The offer had aimed to keep Dell publicly-traded, and offered investors the option to stay invested or sell their shares for more than $14.25 in cash per share.
IDC reported in April that PC shipments worldwide were at 76.3 million units in the first quarter, down 13.9 percent compared to the same period last year.
Blackstone and entities associated with Icahn presented proposals in the so-called "go-shop" period for alternative bidders to make their offers.
The investors have now threatened litigation if the special committee of Dell's board continues to prefer the Dell-Silver Lake offer, suggesting that the restructuring of Dell's ownership may not be settled soon.