The shares of Dell Inc slumped more than 3% on Friday. This added more pressure before the Institutional Shareholder Services (ISS) submits its key report on July 18 for the voting of the buyout bid proposed by Michael Dell and Silver Lake. Investors grew skeptic if the two could actually increase their buyout bid valued at US$24.4 billion. The buyout increase would overthrow the growing opposition raised by Carl Icahn and affiliates.

The deal became more challenging as the deteriorating outlook for the PC industry confronted the market. The buyout group of Michael Dell is currently not planning to increase its US$13.65 per share piece offer to privatize Dell Inc. This was according to people who were familiar with the matter said on Wednesday.

Bloomberg reported separately Friday morning that Michael Dell and partners at Silver Lake ruled out raising their bid. People with direct knowledge of the matter were cited as sources for the report.

Shares of dell traded 3.1% lower at US$12.89 on Nasdaq.

Michael Dell did not comment to a new course of action and has not communicated with his decision to the board said sources on Friday.