3:20 p.m. | Updated
With the emergence of the Blackstone Group as a suitor for Dell, it appears that Michael S. Dell may have a change of heart.
Mr. Dell considers Blackstone’s preliminary proposal to be potentially friendly to management and may reach out to the private equity firm later this week, a person briefed on the matter said on Monday.
Were he to switch, that would mean backing out of his $ 24.4 billion proposal to take control of the company, made in partnership with the private equity firm Silver Lake.
Mr. Dell has already committed to exploring “in good faith the possibility of working with third parties regarding alternative acquisition proposals,†according to a news release that a special committee of Dell’s board put out on Monday.
In many ways, Mr. Dell’s decision makes sense. Because of his roughly 16 percent stake in the company, he would be an important part of any transaction. He has also agreed to contribute about $ 750 million cash to the Silver Lake transaction.
That huge stake also means that he stands to benefit from a higher bid for the company.
Moreover, Blackstone’s proposal so far doesn’t describe what management will look like should it succeed. But the buyout firm has been talking to potential replacements for the chief executive should Mr. Dell step down or be kicked out.
Representatives for Mr. Dell, Silver Lake and Blackstone declined to comment.
Another big shareholder in Dell seems perhaps more pleased by Monday’s news. Southeastern Asset Management, which owns an 8.4 percent stake in the company and which has vocally opposed Mr. Dell’s offer, said in a statement today:
“We are pleased that the alternative proposals submitted to the Dell special committee are structured to give shareholders the opportunity to continue to participate in the company’s future prospects, while also providing a higher cash component for shareholders who choose to exit their investment.â€
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