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Michael Dell, Silver Lake Not Raising Buyout Offer: Report

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Dell's share price took a hit Friday after a report that CEO Michael Dell and Silver Lake are ruling out the option of increasing their buyout offer.

The stock fell as low as $12.70 in New York trading, a drop of 4.6 percent from Wednesday's close.

(See what Dell's stock is doing now)

The company's special committee advised Dell a few days ago that he should increase his buyout offer of $24.4 billion, or $13.65 per share, if he wants it to succeed, according to a Reuters report on Tuesday.

(Read More: Founder Told to Sweeten Offer for Dell as Icahn Ups the Stakes )

However, according to a Bloomberg report, Dell is going against this recommendation.

Read the full Bloomberg report.


By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.

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