Blackstone to Lead Dell LBO?

This Bloomberg update is a great overview of the Dell saga to date:

Dell Inc. founder Michael Dell will only consider backing a buyout by Blackstone Group LP if the private-equity firm guarantees he can remain as chief executive officer, according to a person familiar with the discussions…

The challenges to the original bid, which came as Dell struggles to catch up with a new wave of nimbler competitors in mobile computing and business services, mean Michael Dell could lose control of the firm he founded in his Texas dorm room. His plan was to retool Dell as a maker of data-center gear and software for corporations — without the scrutiny of public investors.

A Blackstone led LBO would presumably not include Microsoft, who is a part of the Silver Lake led consortium along with Michael Dell. One wonders if this increases the likelihood that Dell post-LBO would divest itself of the PC business it was built upon.1

  1. Although the PC business may be necessary for at least a little while longer for cash flow, if nothing else []