The private equity firm also cites Dell's "rapidly eroding financial profile" as part of its reason to withdraw from the takeover process.
Private-equity firm launched a bid last month to rival Michael Dell's effort to take private the company he founded.
It's unclear if Silver Lake, Blackstone, or Carl Icahn will buy out the PC maker, but Michael Dell is reportedly saying he'll only support Blackstone if he remains the company's CEO.
Asset-management firm submitted preliminary deal proposal last night, to rival Michael Dell and Silver Lake's $24.4 billion offer, reports say. Additional report says activist investor Carl Icahn has also told Dell's board he'll make an offer.
Word has it that the asset management firm may be considering outbidding Silver Lake in the buyout that aims to take the PC maker private.
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The company, which reported earnings five days earlier than expected, posts a dismal first quarter due to the continued crumbling of the PC market.
The activist investor has teamed up with Southeastern Asset Management to offer an alternative to the current offer.
Activist investor Carl Icahn has agreed not to buy more than 10 percent of Dell shares or partner with others to own more than 15 percent.